The Trend Continues as Semis, Mega Caps Drive Higher
Hi everyone,
I hope you are having a great Sunday!
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 continues to trend above the rising MAs. We pulled back hard midweek but closed well.
IWO is still in this range and tightened up the last two days
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
Semis and AI lead the way.Homebuilders set up for another move?
Weekly Performance charts
Key Stocks in Deepvue
SMCI quick double. trending. Will pullback to the 10/21 ema at some point
NVDA reconfirmation bar friday. Trending
FSLY nice move from the inside day
META big earnings move
GTLB upside reversal
ELF continues its model book move
MNDY short consolidation
APP still set up nice on the weekly. can watch for a tight pattern
SNOW strong move
MDB powerful early breakout
NAIL home builder leveraged etf setting up
Market Thoughts
We continue to trend. Let cores work and keep an eye out for performance enhancers. We continue to see new breakouts.
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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Cheers!
Richard
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Thank you Richard. I remember markets that no matter when I sold it was always too soon. I'm feeling we may be talking off.