The Market Waits for FOMC
Hi everyone,
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
The QQQ continues to grind higher before FOMC. We remain below a declining 21ema and 50sma
The IWO still below the MAs. Short term trying to push higher/form a range
Volume
Volume was lower on the NYSE and higher on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - Above Declining
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Down - Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Most stocks were up on my focus list, but nothing super convincing. Things seem to be waiting for a direction.
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
ANET gap up after an earnings beat
NVDA nice upside reversal
META good close but still below the 50
CRWD still holding the previous pivot
CCJ nice action
AMZN still poking above the 50 sma
SPOT starting to form a U after earnings
Market Thoughts
Lots of stocks are forming ranges or are at key levels as the market waits for FOMC. Be ready for a powerful move in either direction.
Keep those lists fresh, things can shape up very quickly. But stay nimble and have patience.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
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