The Market Follows Through as the Fed Cuts Rates
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
November 7, 2024
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Market Action
QQQ – nice follow through and good close. Short term extended now but powerful.
Short Term Expectation based on the close is consolidation or higher
Bulls want to see us close the week strong and or start to flag out constructively
Bears want to see us reverse down sharply
IWM – not the best close but a consolidation day
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Trends (4/4 Up)
Shortest – 10 Day EMA – Above Rising
Short-term – 21 ema – Above Rising
Intermediate term – 50 sma – Above Rising
Longterm – 200 sma – Up – Above Rising
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Groups/Sectors – % Change
From yesterday’s close on the left, from today’s open on the right
Performance Charts from Deepvue
Deepvue Leaders Heatmap
Heatmap from Deepvue
Group Ranks: 1 Day, 1 Week, 1 Month, 3 Month from left to right
Post Market Gap Ups and Gap Downs
Key Stocks in Deepvue
NVDA continuation up but on low volume
TSLA follow through up
META follow through from upside reversal
AMZN breakout and continuation up
IBIT good action some consolidation post gap up
APP strong gap up on earnings. This has been a model book move
GDS strong push
COHR nice close
RDDT continuation up. A bit stretched from MAs
VST gap but meh action post eps, CEG weaker
PRCT tightening
ALAB slight pullback
DOCS up big after hours
TOST as well
COIN tight day
Market Thoughts
Many continuation moves. Gaps faded a bit today. Think we are early in anew intermediate market cycle but are a bit short term extended. Didn’t really see many primed setups going through my screens.
Day by Day – Managing risk along the way