The Market Shakes Out Intraday. Now Upside?

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 ↓

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Market Action

The QQQ Initially followed through down but ended up closing well indicating support. This ended up being a nice consolidation day and could clear things out so we can push higher.

We’ll see how things act Friday

The IWO also acted well with an inside day. the test for it is to get above the 21ema and for the 50 day to turn up.

Volume

Volume was lower on the NYSE and higher on the Nasdaq.

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Mixed - just below flat

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up - Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Mixed back from my WLs as some stocks acted great but many consolidated or had poor DCRs

Here’s a Daily Group Performance chart (% From Open) from TraderLion:

Key Stocks in Deepvue

SNOW nice action after EPS and good beat. Fits the Data AI theme

PLTR short term range here

MSTR forming a flag

SYM inside day

NVDA weakness in semis. reconfirmed down

TWST. biotech genomics a theme

Market Thoughts

Glad to see a good close today. On watch for follow through up. if we lose todays low we likely need more basing/ 21ema test. Some stocks are still “extended”. Semis would like to see them recover as they are a leading group.

Remember:

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. There will be many opportunities

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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Richard


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