The Week ends with a Reversal

Stocks for the most part stay strong

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 ↓

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Market Action

The QQQ gapped up and closed near Thursday’s close today

The IWO faded well off highs after pushing higher

Volume

Volume was slightly lower on both the NYSE and Nasdaq

Trends ( Based on QQQ) - All Turn Up

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

Rotation into Oil, Energy, Bio pharma related stocks today.

Here’s a Daily Group Performance chart from TraderLion Private Access:

Key Stocks in Deepvue

NVDA undercut yesterday’s inside day and pulled into the base pivot. ideally we form a tight range here above the pivot.

TSLA is weaker, bad bar off the underside of the 50 sma

PLTR neutral inside day, keeping an eye on this

CEIX Gap and go, some pickup in volume

RYTM textbook shakeout below the range and rally, great close

IOT best stock of the day with a great bar after earnings beat

Market Thoughts

The type of day that’s normal after 5 day’s up in a row. For the most part growth stocks held up pretty well.

I would like to see a few more days of down to sideways. that would set up some beautiful pivots

However if we get follow through down on volume, watch what holds up the best and stays tight/closes really well.

Continue to manage risk as always!

What are your thoughts on today’s action? (Leave a comment below)

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Richard