NVDA Upside Reversal, Ranges Ahead of Thanksgiving
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
November 27, 2024
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Market Action
QQQ – Sharp drop to the 21ema but a decent close
Short Term Expectation based on the close is consolidation
Bulls want to see us build sideways or follow through up
Bears want to see us break lower and undercut the moving averages
IWM – gap up but then a poor close
Bulls would want to us constructively flag out sideways and then reconfirm higher
Bears want to see us follow through down
IBIT- positive expectation breaker and a good close. Ideally this builds out for another week above the 10ema
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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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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 of note
Key Stocks and Moves in Deepvue
NVDA upside reversal at the 50sma. normal pullback so far, would like a close this week near the 50 day
TSLA leak below the range but not too bad
META consolidation day at the moving averages
AMZN tight inside day
MSTR very tight day and positive expectation breaker, this may have more juice left
URBN earnings gap and near the top of a 10 year base
HUT breakout after tight inside day on low volume
Stocks Setting Up
NNE swing trade type name double inside
SHOP inside day as this u turns
SQ pulling into the base high on declining volume, can use today’s high as a pivot
UPST range below the HVC
WGS still below this pivot, swing trade type name
BKKT crypto related. Swing/Day Trade type name, very speculative
APP upside reversal off the 10ema watching for follow through
LEU energy theme, swing trade type name
SNOW top idea tight now, upside reversal, watching for follow through
COIN still forming a range above the base pivot
GEV two tight days above the 21ema, see if we can follow through up
DDOG going sideways, watching for 10ema test
VST forming a range here above the 10ema, negative close
RDDT inside day at this mini base pivot, forming a low risk spot
OKLO mini upside reversal at the 21ema within this base. Swing trade/day trade type name
Themes and Leaders
Key Themes
Crypto, Fintech, Software, AI, Semis, Alt Energy
These names have the top RS, growth stories
TSLA PLTR HOOD MSTR COIN RDDT APP DUOL NVDA AXON FTNT DASH SHOP GEV
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 SNOW ESTC SMTC
Market Thoughts
Seeing more names flagging sideways which is constructive. NVDA hanging in there. Energy theme looks primed to be the most actionable. Fintech on constructive pullbacks. SNOW RDDT COIN look most actionable of potential Leaders
Day by Day – Managing risk along the way
I hope you all have a fantastic thanksgiving!!!
Always good to take a solid break away from the screens now and then.
Cheers,
Richard