Crypto Reverses Hard Again as Leaders Take Shots
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
December 9, 2024
[kt_reading_time]
Market Action
QQQ – Reversal down from the extension. Still natural as trending above the MAs. Looks like a swing high is in.
Short Term Expectation based on the close is consolidation or lower, still room to the MAs
Bulls want to see us constructively move sideways and hold above the 10ema
Bears want to see us follow through down sharply with leaders following suit
IWM – gap up then large downside reversal
Bulls would want to see us hold the 21ema and build out
Bears want to see us break below the 21ema
IBIT- break lower from the inside day.
Bulls want to see us hold and rebound and form a tight range above the 21ema
Bears want to see follow through lower and accelerate to the downside
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
Deepvue Special Offer – Try 2 Months for only $39
Try out the best platform for CANSLIM Swing and Position Traders – Top Trader Screens, Unique Indicators – Streamlined Routines
Groups/Sectors
Performance Today on the Left, Performance over the past 20 days on the right – Crypto theme leading
Performance Charts from Deepvue
Deepvue Leaders Heatmap
S&P 500
Group Ranks: 1 Day, 1 Week, 1 Month, 3 Month from left to right. This is now a preset for Deepvue Members
Post Market Movers. AI slightly Up. ORCL down
Key Stocks and Moves in Deepvue
NVDA gap down to the 21 ema, lower higher formed. needs to hold and build here
TSLA decent close, approaching all time highs
META no follow through but holding above the pivot
AMZN reversal, was and still is a bit stretched In the short term
MSTR resolved down from the tight day, crypto theme was sold today
COIN could not hold near the consolidation pivot
RDDT some churning action but decent close
PLTR downside reversal and negative outside day, still above the 10ema
ASAN strong follow through
RBRK strong day 2 action
BILI and china names strong today
INOD wild day, tradable 20% breakout from tight area and then it reversed hard, have to have swing day trade mindset with these type of names
APP reversal down
Stocks Setting Up
SNOW constructive action pulling back to the pivot
KD 10ema pullback
SMTC 10ema pullback
NVCR trying to u turn here
PSTG range after the gap
GEO flagging back on lower volume
URBN pulling back to the pivot
BE downside reversal so back in range
NNE still in range near the 21ema. swing trade type name
RELY upside reversal
LMND in short term downcycle but will watch to see if it sets up a HTF
GEV upside reversal at 21ema, see if it can follow through up
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 VRT
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 PSTG OKTA MRVL GAP NVCR RBRK ASAN DOCU
Market Thoughts & Focus
Lots of leaders took on some water today. We did see some recovery into the close but this coupled with not too many high quality setups leans me towards the defensive.
Of leaders RDDT ALAB TSLA in focus. Crypto names suspect. Have had a really good few months. Focus is on preserving progress.
Anything can happen, Day by Day – Managing risk along the way