The Nasdaq Down Almost 2% - Time For Caution? NVDA holds firm
Hi everyone,
I hope you are having a great Tuesday!
In this post I’ll concisely share my thoughts on the day’s action. And share a bunch of stock charts that caught my eye.
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Now let’s dive in ↓
Market Action
QQQ gap down and continuation lower and now testing the 21ema. You can draw a channel that has contained the current move since November.
IWO - Reversal down. Logical retest point of the 21ema and base pivot
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
Many growth names negative, although semi/ai theme held up well.
Daily Performance charts from the open
Key Stocks in Deepvue
SMCI nice upside reversal and strong close
NVDA similar
ARM reversal right below the pivot
LYFT decent action
HIMS inside day
PLTR retesting the AVWAP
NXT resting right on the HVC. low volume
COIN negative reversal on higher volume. Likely some short term pullback
CAVA flagging near highs
CRWD up to 345 in post market on earnings. Erasing a bad day
Market Thoughts
The leader NVDA was positive today despite overall market weakness. The strongest stocks are holding up well for now.
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. Look for a tight and logical entry point.
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
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I try to remember this, "Mine is not to question why, mine is to either sell or buy'.
BUT CRWD is not a small cap stock. How do you explain this movement?