The Market Market Down After Hours on Megacap Earnings
Hi everyone,
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on the week’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 inside day. No follow through after yesterdays action
After hours however with a few key stocks reporting including MSFT. The QQQ is undercutting the range. We will see how it opens tomorrow and handles a gap down if that occurs
The IWO put in an inside day
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - Below Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Some rotation into energy, steel, shipping, Banks
Performance charts
Key Stocks in Deepvue
SMCI reversal off the gap. see if it holds or starts pulling in
NVDA trending. Down after hours with AMD
AMD to the 21 (this includes post market action.)
AFRM holding near the 50 day
ZIM Looks primed
NUE breakout on volume
BTU forming a range
LBRT from oil and gas theme
Market Thoughts
No real follow through from the software names. Semis down after AMD MSFT earnings. Rotation into more cyclicals. See if that trend continues.
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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Will the bull continue with new leaders.
Sector Rotation into Cyclicals. Any rules/strategies to use this sector rotation. This happens several times during the year. How can intermediate term investors use this type of action to help maximize returns? Thank you for the market update! Precise, concise and insightful as always.