The Market Pulls Back to a Key Level | What Now?

Hi everyone,

I hope you are having a great Tuesday!

In this post I’ll concisely share my thoughts on today’s action.

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Now let’s dive in ↓

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Market Action

The QQQ pulled back to the key level and closed near lows.

The IWO is still weaker and forming a range below the declining moving averages.

Volume

Volume was higher on both the NYSE and Nasdaq.

Trends ( Based on QQQ) - All Turn Up

Shortest - 5 Day SMA - Down - Below Declining

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up- Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

A lot of growth names on my radar finished low in their ranges today.

Here’s a Daily Group Performance chart from TraderLion Private Access:

Key Stocks in Deepvue

TSLA tried to push higher but closed near lows. Forming a range hear and letting the 21 ema catch up would be ideal.

UBER very similar, expecting a pause here but watching to see if it fails that pivot and fills the gap

IOT drifting back towards the pivot

DLO setting up for a move up or down

IONQ want to see this hold and tighten

RIVN Has not been able to get anything going

NVDA close below the 50

Market Thoughts

Many growth leaders pulled back into the close. A pause or continued weakness Is my expectation but anything can happen.

We’ll see how the rest of the week plays out. Continue to manage risk and take it day by day.

What are your thoughts on today’s action? (Leave a comment below)

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Richard