Gap and Fail – NVDA, TSLA Fall as Mega Caps Underperform

Market Action

QQQ – Classic monday morning gap up and fill. We have now filled the prior gap down which is a positive. We remain above all the moving averages

Short Term Expectation based on the close is consolidation or lower

Bulls want to see us hold here and build upward towards highs
Bears want to see us follow through down and break below the moving averages

IWM – Got short term stretched and closed near the open – room to pullback

Bulls would want to us constructively flag out sideways and then reconfirm higher
Bears want to see a large reversal back down towared the 21ema

IBIT- Gap down and some follow through, still above the rising 10ema. Was short term stretched and all eyes were on bitcoin 100k. Think a constructive pullback that forms a higher low spot is actionable, big base and a lot of FOMO

Trends (4/4 Up)

Shortest – 10 Day EMA –  Up  Above Rising
Short-term – 21 ema – Up  Above Rising
Intermediate term – 50 sma -Up  Above Rising
Longterm – 200 sma – Up – Above Rising

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