The Week Ends on a Positive Note
Leadership Acts well
Hi everyone,
I hope you are having a great Friday!
In this post I’ll concisely share my thoughts on today’s action.
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Now let’s dive in ↓
Market Action
The QQQ put in a constructive upside reversal bar today. Showing some support after yesterday’s selloff. We remain below the MAs.
The IWO also had a strong day off the 200 sma
SMH - Similar action and potential higher low forming
Volume
Volume was lower on the NYSE and Nasdaq.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Mixed - Below Rising
Short-term - 21 ema - Down - Below Declining
Intermediate term - 50 sma - Down- Below Declining
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Decent action across growth groups. Seeing rotation into Bio/Pharma and some software. Oil and Gas stocks still look good
Here’s a Daily Group Performance chart from TraderLion Private Access:
Key Stocks in Deepvue
NVDA nice close off the 21 ema, see if it can build a range here and setup an entry point.
UPWK - Upside reversal, still nice action
CELH This looks setup for next week
VRT - acting great
TSLA - watching for a wedge pop through the 21ema
Market Thoughts
Today was constructive, great close and many of the leaders acted very well. Ranges are still wide but this was a strong day after yesterday’s negative action
Next week we should have some more clarity. I would say right now individual stocks look better than the indexes.
Remain open to any scenario and continue to do your homework. Manage risk always and take it day by day.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard