The Market Shakes off the Reversal - Inside Day
Hi everyone,
I hope you are having a great Thursday!
In this post I’ll concisely share my thoughts on today’s action. And share a bunch of stock charts that caught my eye. Today
Now let’s dive in ↓
Market Action
The QQQ shook off the previous day’s reversal and gapped up and ultimately closed well. Constructive day.
The IWO acted similar and is now back to forming a range and holding that gap
Volume
Volume was lower on the NYSE and on the Nasdaq.
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
Lot of names on my watchlist forming inside days and acting well. Cyber stood out
Group performance chart from TraderLion:
Key Stocks in Deepvue
AMD positive expectation breaker and great close
FRSH forming a handle, great close
CRWD continues to act great
CVNA acting well at the pivot
ESTC outside day
GPS inside day
GTLB tried to push out but still holding
IOT low risk spot forming at the base pivot
AVGO flagging
RBLX forming a range
UBER has been one of the strongest, drifting sideways
CLF from the steel theme
Market Thoughts
Great action today in response the the reversal. Inside day on many names and now time to see how they resolve. Plenty of charts look constructive although would not mind some more sideways
Be ready for anything.
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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Is that $CLF looking bullish or bearish?