The Market Trends Higher. Rotation Back into Crypto Theme

Hi everyone,

I hope you are having a great Monday!

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. There is some air again above the 21 and 50 sma.

We remain in a strong uptrend above the moving averages

The IWO Is forming a range and digesting it’s strong move up

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

Growth names continue to act well. The Crypto theme was strongest. Steel also very strong

Daily performance chart (% change from open)

Key Stocks in Deepvue

NVDA back above the 500 level, would like to see a range form here before it pushes

AMD tightening nicely

CVNA inside and up

SMCI big push up, now can it tighten and form a pivot

MARA great move with the crypto theme. The inside bar and up was the most recent low risk entry

ESTC one to watch from this range against HVC

PATH nice close and one to watch

SNOW tightening but a bit far from the 21

IOT inside day low volume

COIN oops reversal

Market Thoughts

Not much has changed, market trending, stocks acting well. Some smaller cap stuff has moved really well the past few days but now nice action from META, GOOG.

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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