Russell Breaks Lower. Tightening Action
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
December 12, 2024
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Market Action
QQQ – inside day after yesterday’s reconfirmation. Overall a pretty tight day. We remain above all the moving averages
Short Term Expectation based on the close is consolidation or lower based on the close
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 – Sharp break below the 21ema and close near lows
Bulls would want to see us quickly reclaim or build sideways
Bears want to see us follow through lower
IBIT- reversing a bit yesterday’s move
Bulls want to see us build a range sideways and reconfirm higher
Bears want to see follow through lower and break 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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Groups/Sectors
Performance Today on the Left, Performance over the past 20 days on the right.
Most themes down from the open
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 inside day as it forms a range below the MAs
TSLA trending above the MAs, just above previous all time highs here, slight downside reversal
META inside day
AMZN flagging sideways, would love a 10ema pullback
MSTR retesting the reversal high, today’s high is also a pivot
COIN range building above the 21ema, today’s high is a pivot
ALAB holding up nicely, trending above the MAs
RDDT fade, trending above the 10ema
RBRK reconfirmation up, showing RS but extended from a proper spot
Stocks Setting Up
AFRM tightening near the 10ema
AMBA 10ema flag
AVPT first time seeing this stock, already well into the trend so more of a swing trade idea
BILL 2 tight days
CLS tightening
COIN see if it can push from the recent range
DESP travel site tight on the 21
FTNT tightening, ideally has one pullback day or upside reversal
GEO fade from highs but still pulling back constructively
ZK range
RKLB formign a range above the ATH
CRDO nice tight inside day below the HVC
VST looks like it could reconfirm down, but also at a key spot and recent positive expectation breaker, see if it can push back through the 21ema
PSTG double inside day
AOSL in this range, poor close, potential pos expectation breaker
ASAN inside day in this range
SMTC faded back into the range
HUBS liquid and double inside
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
Still not overwhelmed by the action of leaders and the quality of setups.
Would like some more consolidation which would improve charts over the weekend.
Of the names setup, I like the look of RKLB and CRDO the best. both fast movers.
Anything can happen, Day by Day – Managing risk along the way