The Market Rallies off the 21ema After CPI
Hi everyone,
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on the day’s action. And share a bunch of stock charts that caught my eye.
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Now let’s dive in ↓
Market Action
QQQ strong push off the 21ema and lower channel area.
IWO - Upside reversal
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
Resilient action from growth names with many strong closes and reversals
Daily Performance charts from the open
Key Stocks in Deepvue
SMCI push off the 10 ema
NVDA similar, sustaining the uptrend
FROG holding the 21ema
ARM potential higher low spot at the 21ema
IOT acting well
SQ strong reversal
NET and many names forming two recent tight days
PAY stellar move after the post eps consolidation
ASPN tight action
HIMS tight
Market Thoughts
We held the 21ema extremely well with semis showing their resilience. Many groups working. The trend is the trend until it ends
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. Look for a tight and logical entry point.
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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