Pullback then Upside Reversal
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
December 29, 2024
Market Action
QQQ – choppy action into the last few days of 2025. Break of the 21ema then reclaim. The prior week sell bar still a warning sign. Lower high set thursday and confirmed friday
Short Term Expectation based on the close is consolidation or lower.
Bulls want to see us follow through higher and close the year strong
Bears want to see us selloff below the 21ema
IWM – back in this range now which still looks like a bear flag
Bulls want to break higher
Bears want to see us break lower below the range
IBIT- multi week pullback now and below the 21ema, on watch or a pop through
Bulls want to see us break out higher
Bears want to see us follow through down
Trends (3/4 Up)
Shortest – 10 Day EMA – Down Below declining
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
Leaders and Key Moves
NVDA upside reversal at the 21ema,
ALAB beautiful trend
PLTR after tight day testing the 10ema
TSLA looking to test the prior ATH again. watching for a range to form against the 21ema
RDDT upside reversal, about 3 week sideways action
Stocks Setting Up
AVGO tightening below highs, Ideally has one more inside day/upside reversal to “prime” the setup
RBRK nice upside reversal, watching for follow through
NAMS biotech swing trade setup. Speculative, no earnings
RBLX setting up again near the 21ema
APP watching for range breakout
INOD upside reversal inside day, watching for reconfirmation. Volatile fast mover
GOOGL watching for push off the base pivot
KYVO stubby but watching for push of 10ema area
RIVN fast mover, watching for follow through up from upside reversal, swing trade name
MSTR make it or break it time, watching for respect of the 50sma
SOFI watching for breakout
KD watching for push higher
BILL watching for 21ema reclaim and push
GEV still in constructive base, can watch for expectation breaker
Themes and Leaders
Key Themes: Software, AI
Liquid Leaders
These names have the top RS, growth stories
TSLA PLTR RDDT ALAB APP DOCS GEV
Performance Enhancers
SOUN QMCO RGTI RUM
Market Thoughts & Focus
Some more weakness to end last week, we’ll see what the new week brings and the new year as well. I’d welcome a sharp correction to reset everything and set up new bases. But also prepared if we rip.
Daily Focus is on RBRK AVGO RDDT
Anything can happen, Day by Day – Managing risk along the way
I hope everyone had a great Christmas!
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