The Market Sells off after FOMC. More Downside?
Hi everyone,
I hope you are having a great Wednesday!
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 gapped down and closed at lows after the Fed News. Testing the 21ema and undercutting the range.
IWO reversal down breaking below the 21
Trends ( Based on QQQ)
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
Most stocks on my WL finishing red and with low DCRs. Semis were okay and rallied off the open. Biotech and Pharma strongest area but still mixed.
Performance charts
Key Stocks in Deepvue
SMCI still strong
NVDA still trending. Ideally puts in a consolidation if market pulls in
AMD gap down but decent action after EPS
MSFT reversal after EPS. More big caps report tomorrow. AAPL AMZN META
NVO strong action after earnings
CCCC looks explosive but is a biotech
IMCR also looks setup
QCOM orderly
Market Thoughts
Semis the strongest of growth type names. Negative action today in many software stocks. See how we end out the week and act after more large caps report tomorrow.
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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the "market' during last two days have seen a change in character that should not be ignored