The Market Weakens Further
NVDA TSLA QQQ and More!
Hi everyone,
I hope you are having a great Wednesday!
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 was down another percent and took out the recent lows and key level. We remain below a declining 21ema.
The inside day resolved down
The IWO was weaker still and down 1.3%
SMH - The semiconductors are back close to Monday’s lows
Volume
Coupled with the negative action volume was about even on the NYSE but picked up in a big way on the Nasdaq
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below declining
Short-term - 21 ema - Down - Below declining
Intermediate term - 50 sma - Mixed- Below Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Continued negative action from most groups
Here’s a Group Performance chart from TraderLion Private Access:
Key Stocks
NVDA pulled back more and sits right at the 50 sma. It looks to have been rejected at the high’s AVWAP.
We’ll see how it emerges from this mini flag and how it acts going into earnings
VRT pulled back below the HVC and gap up AVWAP
TSLA continued the downtrend below a declining 21 ema
Market Thoughts
There are less positives, continued distribution signs today which may have been FED news related.
Practicing Patience and waiting for stronger environments. I trade my best when we are just popping over the 21 ema on the main indexes.
Keep a list going of stocks that are developing and showing RS. This list will serve you well once conditions do improve.
Share Your Market Thoughts
What do you think about this market? What stocks stood out to you today?
Let me know below in the comments. And please leave a like!
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Cheers!
Richard