The QQQ Breaks Through the 50 Day

Hi everyone,

I hope you are having a great Monday!

In this article 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 ↓

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Market Action

QQQ - Strong close! Gaps up = power and its promising that there was not much give back on Fridays. We are back above a rising 21ema. A bit short term extended but this is the potential momentum thrust of a new trend.

IWO similar action closing above the 50.

Trends ( Based on QQQ)

Shortest - 10 Day EMA - Up - Above Rising

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Mixed - Above Flat

Longterm - 200 sma - Up - Above Rising

Group/Sectors % Change from the Open in Deepvue

Key Stocks in Deepvue

NVDA great follow through after pushing the consolidation pivot yesterday

MU nice move but feels like a bit of hesitancy, maybe a short flag then reconfirmation

PLTR met expectations but was down to 23 after earnings, erasing today’s move

DUOL base breakout. lower risk area was near the MAs on the reversal 2 days ago

CAVA not the best close

ALAB faded today but forming a range here

GOOG looks to U turn

COIN fade but still setup within the base. See if HOOD news affects it

TSLA see if it can U

Market Thoughts

Constructive action. Some fades along the way and we’ve been up now a few days in a row. Seeing how things build out will be a tell if we are good to go or need more time.

Focus on the leaders, the strongest stocks, find your way into them while managing risk

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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Richard


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