The Market Sells Off and Puts in a Downside Reversal
Hi everyone,
I hope you are having a great Thursday!
In this article I’ll concisely share my thoughts on the days’s action. And share a bunch of stock charts that caught my eye.
Deepvue Memorial Day Sale
We are running a special offer until Memorial Day. Marketsurge users, this is a great time to switch and save.
Now let’s dive in ↓
Market Action
QQQ - Aggressive and widespread reversal after the gap. A red flag for me personally.
We remain above the moving averages however watching for downside follow through.
IWO showing a bit how it felt today, breaking below the 10ema and 21
Trends ( Based on QQQ)
Shortest - 10 Day EMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Sectors % Change from the Open in Deepvue
Nowhere to hide today
Key Stocks in Deepvue
Current Universe list:
AA AAPL AMC AMZN ANF APP ASPN BPMC CCJ CEG CAVA CLSK CMG COIN ARM CPNG CRS CRWD CVNA DUOL FRPT GCT GE GME GOOG GOOGL HIMS HOOD HWM IOT KD LIVN LPX LRN MARA META MOD MSFT MU NFLX NTNX NVDA OSCR PAAS PI ALAB RDDT PLTR PRCT QCOM SCCO SG SMTC STRL TDW TEVA TMDX TNDM TOST TSLA TWST TXRH VRT VST WING ZETA KLAC ONON PINS
NVDA strong action and at high of the day until the selling really accelerated. This is the 3rd stage base. See if it can hold up here
DELL sold off after the gap
MU reversal
ELF strong action after the earnings report. off the bottom of the base
FSLR constructive action, see if it can build a range and hold above highs
ONON pushed the short flag
Market Thoughts
Tech names sold today and we saw some profit taking. Active traders likely took some off especially their weaker holdings with less cushion.
We remain above the moving averages so can’t get completely negative but watching for chop/follow through to the downside. Semi group likely needs a breather
See how we close this week, would be constructive to see a snapback tomorrow. The weekly charts will be interesting.
I hope you found this article helpful!
Here is what you can do to help make them possible and support my work.
Leave a like on this post below
Cheers!
Richard