The Market Shakes Out and Closes Strong
Hi everyone,
I hope you are having a great Wednesday!
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 undercut the tight area, tested the 21ema, but closed strongly. Many names on my WLs put in upside reversals with good DCRS
The IWO was also strong off the open but is below a declining 21ema
Volume
Volume was higher on the NYSE and lower on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - MIXED - Below Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Megacaps were strongest today. Software strong off the open
Key Stocks in Deepvue
NVDA good close, trending
AMD nice close
DDOG great action
GTLB off the 21ema, Base on Base
FROG upside reversal
DYN very tight. More Spec Name. Will likely move one way or another tomorrow
UBER upside reversal
CELH this stock is so whippy, but upside reversal
Market Thoughts
I liked the action into the close. Good DCRs on my WL
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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