TSLA Breaks Out!
Hi everyone,
I hope you are having a great Monday!
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 strong day after an initial gap up.
The IWO still looks quite weaker and closed near lows
Volume
Volume was higher on both the NYSE and Nasdaq.
Trends ( Based on QQQ) - All Turn Up
Shortest - 5 Day SMA - Mixed - Above Declining
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up- Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Growth stock leaders acted well today despite the below performance charts. Oil and gas names which were extended saw some selling.
Here’s a Daily Group Performance chart from TraderLion Private Access:
Key Stocks in Deepvue
TSLA was the star of the show today, with a gap and go and up 10%
A 5 minute chart shows how it trended above the AVWAP all day after a retest and range breakout
UBER also put in a statement bar
OKTA nice action
IOT inside day
RIVN could not push through the pivot.
NVDA undercut the range and 50 day but closed off lows. See if it can hold here
CVNA nice more through yesterday’s highs
Market Thoughts
Very good action today from my wide and focus list. The IWO does not look great but action of the stocks is more important to me.
We’ll see how the rest of the week plays out.
Continue to manage risk and take it day by day.
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
I see UBER as a possible long term hold. It's basically a monopoly.
Thanks Richard!