The Market Stretches the Win Streak to 4 Days

FOMC Ahead

Hi everyone,

I hope you are having a great Tuesday!

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 continued higher and closed near highs for the 4th day in a row. FOMC looms so we could see some volatility.

We remain above a rising 21 ema.

The IWO is not as strong but grinds higher

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

Decent action from my watchlists. Mega caps look good. Semis continue to act great.

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

Key Stocks in Deepvue

AVGO powerful move

AMD also following through

LRCX tight day, watching for reconfirmation

NVDA choppy but good bar

AMZN looks poised for a move higher

PATH still can’t push out

IOT still below HVC

GTLB nice push

DUOL pushed the pivot, not the strongest close but not bad

S continues to act well post gap

Market Thoughts

Solid day for growth stocks. I like how the mega caps are set up. We’ll see how the fed impacts things.

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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Richard


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