The Setup Week Activates. Growth Stocks breakout
Hi everyone,
I hope you are having a great Monday!
In this post I’ll concisely share my thoughts on the week’s action. And share a bunch of stock charts that caught my eye.
Now let’s dive in ↓
Market Action
The QQQ moved strongly up in the flag it has been forming
The IWO took charge and reconfirmed upward. Looking for follow through
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Biotech and Software standout groups
Performance charts
Key Stocks in Deepvue
SOFI gap up after earnings on highest volume ever after EPS beat. Still some resistance to work through
CCCC from my wide list great action
NVDA acting great, new closing highs
SMCi ice action from short flag
APP base breakout and move from tight area
GTLB nice move from range
SNOW nice move from short flag after resting at the base pivot
DUOL tight. should move one way or another
ELF is there more in the tank
DOCU tight
VRNS tight
Market Thoughts
Lots of the setups from my WL triggered, we will see if we get follow through and small caps continue to push. Still some tight areas out there.
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.
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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Thank you, Richard. I'm holding ELF and might now add to it.
I took the breakout from APP and MNDY. VKTX looks good, wants to go? EDU is still hanging in there! Held it 6 months so far! Takes a lickin’ but keeps on tickin’! LOL