The Market Is Coiled, Ready to Spring?
I hope you are having a great Friday! A great week for stocks
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 ↓
The QQQ is forming a tight range near highs. From contraction comes expansion, up or down.
I could envision a shakeout into the gap area, strong close, and then continuation up. Anything can happen though and we’ll take it day by day.
The IWO is also coiled
Volume was lower on the NYSE and 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
My leaders acted well. Many stocks are consolidating through time. We’ll see how the ranges resolve
Here’s a Daily Group Performance chart (% From Open) from TraderLion:
Key Stocks in Deepvue
PLTR new 52 week highs
TSLA upside reversal off the 21 ema
NVDA consolidating before earnings
ANF strong ahead of earnings
LPG strength in energy names today
ROKU strong day
STNE power off the bottom. See UBER in may
MDB forming a range
Growth stock leaders continue to act great to end out the week, setting up some ranges and low risk entries. We will see how things act next week.
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. There will be many opportunities
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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