The Nasdaq Follows Through. Change in Mindset
Hi everyone,
I hope you are having a great Wednesday!
In this post I’ll concisely share my thoughts on today’s action.
Now let’s dive in ↓
Market Action
The QQQ popped up through the previous base lows after the FOMC. This was a follow though day on the nasdaq.
We are right at the 21 ema and below a declining 50 sma
The IWO still in a downtrend, but holding
Volume
Volume was higher on the NYSE and the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above Rising
Short-term - 21 ema - Mixed - At Flattening
Intermediate term - 50 sma - Down - Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Growth stocks on my WL acted well, especially the large caps.
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
ANET very strong follow through
NVDA nice follow through and close
AMD that is a powerful bar after earnings
META great action, popping through the 50 day
CRWD some wedging type action but good close
WING nice move after earnings
MELI nice action off the 200 day after earnings
NFLX push higher
PINS acting well
Market Thoughts
More stocks acting well and moving strongly. With a follow through day you need to have a mindset shift. We’ll have to see if this move has legs. It’s time to get very serious about your routines, lists, and execution
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
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I find it very useful. Thank you, Richard
While the follow through day was not exactly a blast off and stampede, the duration of the bear market has worn out most participants. Getting in phase as quickly as possible is only possible with a change in mindset. Getting in phase doesn't mean piling in; it means doubling or tripling efforts here and keeping your mental capital intact.