The Market Shakes out after CPI
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.
Now let’s dive in ↓
Market Action
The QQQ shook out below the prior low but closed near the open
The IWO similar action
Volume
Volume was lower on the NYSE and higher 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
Lots of upside reversals, mostly sidewise action Crypto theme sell off
Key Stocks in Deepvue
NVDA continues its strength
AMD tight
UBER near highs
COIN, MARA downside reversals
DOCU breakout from tight area. RMV was near 0
CRSP pivot breakout at MA confluence
DDOG tightening
Market Thoughts
Crypto ETFs so far were a sell the news event. Pullback today but then a decent close. Stuff looks strong although aware that we are several days up in a row now.
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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