Today Was A Trend Change

Oct 06, 2023

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 popped above the range and reclaimed the 21 ema and gap area. This starts a new upcycle.

I liked the gap down to the bottom of the range and then strong close. Need to see follow through now

The IWO also showed good action, although has a ways to go to reclaim the MAs

Volume

Volume was higher on the NYSE and the Nasdaq. Good to see coupled with good price action

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Up - Above Rising

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Down- Below Declining

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

My watchlists acted quite well. Software stocks stood out. Cyber, Semis too

Here’s a Daily Group Performance chart from TraderLion:

Key Stocks in Deepvue

TSLA Oops reversal and successful test of the 50 day. Nice close. Want to see it push out of the range

NVDA nice strong action, took out yesterday’s highs, the consolidation pivot, and the 50 sma

PLTR nice move though the AVWAP and cheat entry

VRT nice move through range

CRWD great action, didn’t have on focus radar but now it is. textbook pullback to pivot. Group move with CYBR and ZS also strong

PDD strong move

COUP nice action, I like how tight this consolidation has been

META great move. has the n factor with VR

Market Thoughts

Great action as we saw the ranges resolve up. Indexes + Individual Stocks. The key now is that we build on this and see continuation/ follow through.

Take it day by day and manage risk along the way