NVDA Upside Reversal, Ranges Ahead of Thanksgiving

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

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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