The Rally Fails After Google Earnings
Hi everyone,
I hope you are having a great Wednesday!
In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
Gap down and follow through after negative Google earnings price action. We undercut the upside reversal day from Monday. Fresh lows.
We remain below a declining 21ema and 50sma.
The IWO continues the downtrend
Volume
Volume was higher on the NYSE and lower on the Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below Declining
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Down - Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Distribution signs from most of the stocks on my watchlists.
Here’s a Daily Group Performance chart from TraderLion:
Key Stocks in Deepvue
GOOG negative reaction to EPS
META beat on eps, this bar includes after hours action
CRWD back below the 21
TSLA back below the 200sma
NVDA distribution bar
Market Thoughts
Well… the rally failed. META earnings had a lackluster reaction as well. More wait and see needed for charts to build out and heal.
The IWO is still in a clear downtrend. Need to see that fight to form out a bottom.
Take it day by day and manage risk.
On a happier note, I just released the podcast with Bob Fehrmann, insitutional growth trader since the 70s whose fund managed over 10 billion. you can check it out below.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
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Did my analysis on Oct 1st. Noted Googl had background selling. Too bad, I did not follow up with it.
EDU still acting well. My only long.....except for a little PDD. I'm short a ton of stocks