Mega Cap Strength, RS Leaders Fade the gap
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
December 2, 2024
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Market Action
QQQ – Strong push higher to start the week,
Short Term Expectation based on the close is consolidation or higher
Bulls want to see us continue to push higher or constructively move sideways tightly
Bears want to see us reverse sharply
IWM – still tight action, consolidating through time
Bulls would want to us constructively flag out sideways and then reconfirm higher
Bears want to see us break lower from this range
IBIT- still consolidating pulling back
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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
Performance Today on the Left, Performance over the past 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 Movers. ZS Down, CRDO up
Key Stocks and Moves in Deepvue
Note – On the following charts Friday’s half day price action is missing – Our data provider had an outage for historical data. They will be restoring that tomorrow morning
NVDA just below the 21ema
TSLA near the top of the consolidation
META Strong push from the moving averages
AMZN push higher but fade
MSTR in range
ACLX strong push from range
VSCO strong move, speciality retail has been a great theme. GAP URBN
UPST gap down and poor close. on downgrade
Stocks Setting Up
BILL tight action near the 10ema
COIN tight above the base pivot
AESI good post gap action, recent ipo near highs
DDOG tight flag post move
DUOL 10ema pullback
GLBE tight near gap up highs
NNE tightening near these highs
ALAB tight above the 100 level
RDDT tight above the pivot
TEM fade but back in range
VRT 21ema pullback
DOCS tight days post move, watching for reconfirmation
SMTC tight post gap watching for push from range
SNOW fade back into the range
SPOT tight range
BKKT downside reversal but right at the key level, watching for positive expectation breaker
SHOP downside reversal back into the range
AI downside reversal back into the range
SE range at 10ema
GEV fade back into the range
VST still in this range
SQ gap up but fade
OKLO gap but fade back to the range
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 VST
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
Decent amount of RS leaders had gaps that faded, we’ll see how those resolve. If they hold great sign, but watching out for follow through down.
Anything can happen, Day by Day – Managing risk along the way