The Market Holds Near Highs
Hi everyone,
I hope you are having a great Thursday!
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 treaded water and filled the gap
The IWO is forming a range above the 21ema. Which way will the range resolve?
Volume
Volume was higher on the NYSE and 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
Many semis continued up but with meh closing ranges
Key Stocks in Deepvue
UBER highlighted yesterday strongest stock today
NFLX holding up well after EPS
CRWD still trending but not a great bar. Above rising 21ema
S pulling back into 21ema area
DOCU tight in this range
SMCI tight day
NVDA trending
ZIM tightening
AFRM pulling back into the range near the 50sma
Market Thoughts
We’ll see how IWO plays out. Things could still use a week of sideways
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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