More Distribution of Leaders
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
December 10, 2024
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Market Action
QQQ – Gap up but ultimately some follow through down, nearing the 10ema, see if we can build there
Short Term Expectation based on the close is consolidation or lower
Bulls want to see us constructively move sideways and hold above the 10ema, or put in a strong upside reversal at the 10ema
Bears want to see us follow through down sharply with leaders following suit
IWM – follow through down and sitting on the 21ema
Bulls would want to see us hold the 21ema and build out
Bears want to see us break below the 21ema sharply
IBIT- follow through down but close off lows, upside reversal action within this pullback
Bulls want to see us hold the 21ema and push up from this flag
Bears want to see follow through lower and break the 21ema
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. This is now a preset for Deepvue Members
Post Market Movers.
Key Stocks and Moves in Deepvue
NVDA tried to push higher but then rolled over and closed near lows below the 50sma
TSLA good action still reaching for those ATHs. That’s a logical spot to expect volatility and potential resistance. However a potential green line breakout if it can push through on volume and hold
META inside day, still flagging above the pivot
AMZN another wick day, 10ema test?
MSTR upside reversal off the 21ema
COIN testing the 21ema
RDDT another wide range day, close near lows and the 10ema
PLTR tried to rally but close near lows, at the 10ema
ASAN downside reversal, see it it can build a range here
QMCO quantum computers potential theme, push from tight area
NVCR still u turning
RGTIU another computing name. these need another setup
BE break lower
Stocks Setting Up
BKKT swing trade type name – when I say this it means that its a highly volatile name would use faster sell rules, lower position size, and lower holding periods.
These are not my focus, I want to be in the liquid leaders. I have better success in those. But I know many like to trade these.
OWL range at the 21ema
TARS 10ema range, swing trade type name & setup
AOSL slight break lower but in this range near the pivot, se if there is a lack of follow through lower and it can reclaim the base pivot
GEO downside reversal but sitll in this range
URBN good response to the base pivot, watching for follow through
RKLB setup could use some time to flag out above the previous ATH, likely rests that level, see if it respects it
GTLS in range, upside reversal watching for follow through
SOFI would like this to flag out more but starting to flag sideways after the strong move
SMTC pullback to the HVC, watching for a u turn higher
MRVL watching for a u turn after the 10ema test
RELY tight range, needs to push soon
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 ALAB 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
More signs of distribution, churning action today and we say more leading names break lower below ranges, emas, We’ll see how we close the week.
We are above the moving averages on the $QQQ so still an uptrend. We’ll see if this is just a pause with the leaders or more a sign of a longer correction incoming.
ALAB TSLA Strongest among the leaders. For the time being not really any setups in leader quality names.
Anything can happen, Day by Day – Managing risk along the way