The Markets Pause, Whats Next?
Hi everyone,
I hope you are having a great weekend!
In this post I’ll concisely share my thoughts on the market health and leading groups.
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I’m also very excited to announce that we have launched the special early bird discount for the upcoming Historical Analysis Masterclass with John Boik.
John is an extremely experienced trader, market historian, and educator.
He has been trading since the late 90s and has written several best selling trading books:
Lessons from the Greatest Stock Traders of All Time: Proven Strategies Active Traders Can Use Today to Beat the Markets
How Legendary Traders Made Millions: Profiting from the Investment Strategies of the Greatest Stock Greatest Traders of All Time
Monster Stocks: How They Set Up, Run Up, Top and Make You Money
Monster Stock Lessons: 2020-2021
His focus for the masterclass will be sharing his research on Legendary Traders, Monster Stocks, and Market Cycles to help you learn the blueprint for the markets and achieving success.
The Historical Analysis Masterclass will feature:
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230 Page Textbook which culminates 20+ years of Research
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Special Guest Appearances
Guided Workbooks for each Webinar
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Rare charts of Monster Stocks
It will take place July 8th - August 16th live on zoom and the recordings will be archived in the class for lifetime access.
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Now let’s dive in ↓
Market Action
The QQQ continues to trend above the rising 21 and 50 sma. We pulled back last week which looks constructive and was much needed. I wouldn’t mind seeing us let even the 50 sma catch up to price. That would set up some great 2nd stage bases.
The SPY also pulled back, maybe the start of a nice consolidation letting the MAs catch up.
The IWO shows the most weakness, and we are seeing similar action in many charts. We broke below the recent structure and the 21 ema. Would like to see this recover and start to base out.
SMH, Semiconductor ETF showing a pullback towards a rising 21 ema on declining volume.
Key Stocks
NVDA continues to act very strong, holding up well
SMCI a bit weaker, I don’t like its failed move higher up through the declining tops line
PLTR looks like it needs some time and consolidation after a strong up leg
IOT right at its 21 ema
MRVL potentially forming out a base here
Trends ( Based on QQQ)
Shortest - 5 Day SMA - down - Below declining
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Looking through my screens I noticed:
Semi conductors taking a breather and basing
Homebuilders continue to act strong
AI/Software pulling back
Market Thoughts
We’ve had a strong opportunity window that lasted several weeks. Last week was the first once since where we pulled back. At this time things look constructive but I would love some chop and base building which could set up a new move higher.
Remain focused on the leaders, those will give you the clues and the best performance if this rally continues.
Be ready for anything and manage risk!
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Have a great weekend!
Richard
Thanks for the thoughts. I'm really looking forward to the upcoming masterclass! The previous ones have been super helpful and I'm a big fan of Boik's books.
Can you recommend a place that demonstrates how to use Deepvue? I am curious if it requires any programming skill or making an infinite number of selections like TC 2000.