Coin Setup? Stocks Act Well ahead of NVDA Earnings
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
November 19, 2024
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Market Action
QQQ – great action, gap down and then a strong close back up through the 21ema, Prior high and gap fill in focus now. I want to see this momentum follow through
NVDA earnings tomorrow could still shake a lot of things up – to the upside or downside.
Short Term Expectation based on the close is consolidation or higher
Bulls want to see us continue to build here and ideally follow through up to fill the gap this week
Bears want to see us reverse sharply down and take out today’s low
IWM – also great action, oops reversal and reclaim of the 21ema
Bulls would want to see a follow through up off the 21ema
Bears want to see a reversal back down through the 21ema
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IBIT- some continuation higher but not with confidence, bit of a fade off highs
Some more sideways action would be nice to let the 10ema catch up more and kind of reset this flag for another push higher
This remains one of the key themes I’m focused on
Trends (3/4 Up)
Shortest – 10 Day EMA – Down Below Declining
Short-term – 21 ema – Up Above Rising
Intermediate term – 50 sma -Up Above Rising
Longterm – 200 sma – Up – Above Rising
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Groups/Sectors
From yesterday’s close on the left, over last 20 days on the right
Performance Charts from Deepvue
Deepvue Leaders Heatmap
S&P 500
Group Ranks: 1 Day, 1 Week, 1 Month, 3 Month from left to right
Post Market Gap Ups and Gap Downs – not much stands out. NVDA tomorrow
Key Stocks and Moves in Deepvue
NVDA strong follow through up from the upside reversal. Earnings tomorrow AMC that’s why we have the flag next to the symbol in DV.
The report will impact AI and other semi names.
TSLA I like the action after the gap up yesterday. Trending above the 10ema. Personally I would like for it to go sideways for a few weeks and set up a tight area against the 21ema. Aggressive traders could play the inside day and up tomorrow but in my view it’s a bit stretched for that.
META nice action, forming the look of a double bottom base now. Would love to see this get back above the MAs. After a rally back through the MAs woudl be watching for a pullback into them and a tight area to form
AMZN nice action, playable with an oops reversal this morning. watching for follow through
MSTR still the strongest stock in the market – short term extended, swing traders would be looking to sell some into this.
Relative measured extension can be helpful here. Odds of a pullback/sharp down day increasing
AI breakout on partnership news with MSFT. Big volume. Has made large moves on the past so can watch for a post breakout spot to form
LMND reconfirming, short term extended but powerful. I featured this one back in the November 5 report
Nice move form the inside day
VRT standout breakout – AI related names acted very well today
GEO strong outside bar from the post gap flag
RDDt nice action, trending above the 10ema
PLTR acting great, short term extended but starting to flag out
DUOL great push off the 21ema, watching for follow through
ALAB good follow through
Stocks Setting UP
COIN very tight inside, watching for a continuation up. A bit stretched for my liking but a market leader and in the right theme. Would keep risk tight to the Low of the day or the inside day’s low if it pushes.
HUT same theme nice flag here and tight area, watching for a push higher
EXEL swing trade type name, nice constructive pullback
PODD tight area above the base
DECK upside reversal at the 10ema, watching for follow through up
KD flag post gap, this is right near all time highs. looking for a push higher
AX upside reversal off the base pivot, watching for follow through up
UPWK controlled pullback to 10ema area, swing trade type setup looking for a push through these highs
BILL this still be a bit underdeveloped flag but right space. watching for follow through higher
UPST swing trade type name, watching for follow through
RVLV watching for follow through
AAOi tight flag, likely moves with NVDA
FLUT post gap tight range, sports gambling
BE watching for more of a flag to build sideways, already in this from day 2
RBRK watching for follow through up, recent IPO
Themes and Leaders
Key Themes
Crypto, Fintech, Software, AI, Semis
These names have the top RS, growth stories
TSLA PLTR HOOD MSTR COIN RDDT APP NVDA AXON FTNT DASH SHOP DUOL
Recent Earnings gaps and powerful moves
These names are good to watch for pullback spots
AAOI APP AXON BROS COIN GEO IONQ UPST TEM BILL DOCS FRSH LUMN ALAB PLTR SOUN LYFT TSLA HOOD POWL Z AX AMSC LUNR PLNT TOST CRDO COHR RDDT RKLB TRMB VST WVE CEIX LMND MSTR SOFI VRT FTNT MCK DFS MLI CADE HIMS MARA HUT ROOT CRS FHN HQY PODD UPWK GEV OKLO NTNX DOCU FN DUOL GDS FOUR SHOP RKLB
Market Thoughts
Very strong action today still seeing setups and stocks are acting well from 10ema/short term pullbacks. NVDA earnings tomorrow will be key for semis and AI related names – there will be more news about demand, ai expectations. Those names could have some nice juice thursday if all goes well.
Focus on the leaders – if in one with a great cushion, focus on the trend. Patience Pays in a strong market in a leader.
Day by Day – Managing risk along the way