The Market Trends Higher, Top Ideas to Watch
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. Today
Now let’s dive in ↓
Market Action
The QQQ pushed higher buy is wedging up on lower volume
The IWO new 52 week high
Volume
Volume was lower 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
Group performance chart from TraderLion:
Key Stocks in Deepvue
AMD pushed out. Not huge volume
NVDA up but not out
AVGO still in the flag
NXT flagging
MSTR inside day, good test to see if this breakout and move holds or if the crypto theme needs rest now that they have been running hot for weeks
ESTC inside day
UBER acting well as with many of the leaders PINS CRWD during this holiday week.
Mostly going sideways
Market Thoughts
Still constructive sideways action from the leaders. Nice move in AMD but low volume.
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
P.S. We just released a new free resource: The Ultimate Screening Guide
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Great reviews Richard. Happy Holidays.