The Market Treads Water Sideways
Hi everyone,
I hope you are having a great Friday!
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 put in a tight day as we continue to stay near highs. Tightening
The IWO is still weaker with a downside reversal, watching to see if weakness continues
Volume
Volume was higher 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
Seeing some poor closes among some stocks on my WL. Crypto names continued weakness
Key Stocks in Deepvue
NVDA tight day, a flag/dirft sideways would be constructive
AMD tightening still inside day
UBER downside reversal after several strong days up, looking for a flag sideways
COIN continued down, at the 50 day
LBPH no idea which way this moves but should go soon
STNE not the best move but still holding near the 21ema and tightening
ESTC inside day
EYPT nice move after upside reversal and subtle undercut and rally yesterday
Market Thoughts
Some profit taking signs after a few strong days up in the market. Watching to see if constructive flags form.
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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Does DeepVue include AVWAP and option?