The Market Puts in a Shakeout Bar
Hi everyone,
I hope you are having a great Wednesday! 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 shook below the august lows and closed reasonably strong.
We remain below all the moving averages but today could be the start of a short term rally from oversold conditions if the momentum continues.
The longer term trend and downcycle continues, one good day or close does not change that
The IWO forming a short range at a key level
Volume
Volume was higher on both the NYSE and Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below Declining
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Down- Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Oil and Gas, Energy were the clear leaders today. However, many growth stocks closed well and pushed off potential (at least short term) lows.
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
TSLA below MAs but decent reversal today
NVDA wedging a bit off lows. the positive is that it didn’t make a new low when the market did. Does look vulnerable for continuation down.
PLTR nice move higher, on watch to see how this base develops
DUOL forming a range
ESTC still acting well
CAMT great RS
MBLY watching to see if it tightens
Market Thoughts
Todays could hold… or we could break them tomorrow. Some more information is required.
However the routine remains the same. Track RS, potential leaders holding and shaping up so you are ready when the stocks tell you they are ready.
What are your thoughts on today’s action? (Leave a comment below)
I hope you found this article helpful!
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Cheers!
Richard
do you have discount code for deepvue? Is there free trial available?