The Market Holds Firm
Hi everyone,
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on today’s action. And share a bunch of stock charts that caught my eye.
Now let’s dive in ↓
Market Action
The QQQ put in an upside reversal as it tightens. Still some air to the 21
The IWO was weaker with a downside reversal after a gap
Volume
Volume was lower on the NYSE and lower on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - UP - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Mixed bad gainers losers on my lists but mostly staying firm. Homebuilders theme took a hit
Key Stocks in Deepvue
SMCI holding up great
NVDA no change. trending. We are about 20% from the breakout point
AFRM some follow through down. IOT similar.
MNDY great action. Start of new trend
SNOW nice continuation
APP up against the res level. See it it forms a contraction. Weekly looks great
EXPE tight
MARA tightening in context of downtrend. Many crypto names like CLSK have similar pattern
LLY upside reversal
UBER tight above the base pivot
TSM tight. Semis look strong
PATH tight day
Market Thoughts
Some of the gaps gave way but as a whole the leaders continue to act great.
Reminder:
Risk Management is Paramount
Refuse to enter randomly without managing risk and wait for the spots to develop, they will. Stocks during strong moves always pull back to the 21 ema, 50 sma multiple times.
Have patience, focus on the best stocks with the greatest potential. These will telegraph the rest of the market.
Take it day by day and manage risk along the way. Be ready for anything
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
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