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 ↓

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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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Richard


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