The Market is coiled. Up or Down
Hi everyone,
I hope you are having a great Thursday!
In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
The QQQ formed another consolidation day just above the prior lows and below the gap area. We closed well today
We are still below a declining 21 ema
The IWO shows similar tightening action and remains visually stretched from the declining MAs.
Volume
Volume was lower on the NYSE and the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - At flattening
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Down- Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Growth names continued to form ranges or acted well
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
TSLA a bit of indecision here but a decent close, held the consolidation pivot
NVDA still refusing to break lower although still below a declining 50 sma
PLTR tightening
DUOL acting well
COUR nice upside reversal
RIVN sold off after the offering gap down. At the 200 day
VRT tight
APP which way does the range resolve
TIGR Lesser quality name but interesting
Market Thoughts
Decent action and many stocks feel coiled and ready for a move higher or lower.
On the QQQ, we are still waiting for the wedge pop. Ideally we get a gap down to test everyones convictions and then a strong close.
Take it day by day and manage risk along the way
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard