The Market Pauses into the End of the Week
Hi everyone,
I hope you are having a great Friday!
In this post I’ll concisely share my thoughts on today’s action. And share a bunch of stock charts that caught my eye. Today
Now let’s dive in ↓
Market Action
The QQQ spent another day below the reversal day high.
The IWO was a bit stronger. Right at previous highs
Volume
Volume was lower on the NYSE and on the Nasdaq. And very low
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
Crypto was the clear theme today
Group performance chart from TraderLion:
Key Stocks in Deepvue
AMD consolidating
MARA continues it’s advance, getting stretched. Bitcoin looks setup.
NVDA tightening
PATH tight 2 days
ESTC pushed out
AVGO still flagging
DUOL tight past few days
GTLB inside day
UBER still pulling back
RBLX pushed out
Market Thoughts
Some sideways action to end out the week after the reversal. Into holiday trading now.
Be ready for anything.
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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Thanks Richard! Happy holidays and a very healthy and prosperous new year to you and family!