Day 3 of the Rally Attempt. Tariffs Gap down the Market After Hours
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
April 2, 2025
[kt_reading_time]
Market Action
QQQ – Strong action after another gap down. Up against the declining 10ema
Important Note: Tariff news hit the market hard after hours. This will be a key test for this rally attempt.
The short term expectation based on today’s close is follow through higher. However we are gapping down. Continuing to expect volatility
Bulls want to see us follow through higher and then form a higher low
Bears want to see us reverse down lower and fall below the recent 2 lows or gap up and selloff after testing the MAs
Daily Chart of the QQQ. Currently we are down about 4% after hours
QQQ 65 minute chart of after hours showing the gap down after hours
IWM – Strongest bars in months, see if we can follow through and reclaim the 21ema
IBIT- Pop through the 21ema, higher low in place
Trends (0/4 Up) – Based on the QQQ
Shortest – 10 Day EMA – Below declining
Short-term – 21 ema – Below declining
Intermediate term – 50 sma – Below declining
Longterm – 200 sma – Up – Below Increasing
Groups/Sectors
Performance Today from open on the Left, Performance over the past 20 days on the right.
Performance Charts from Deepvue
Prebuilt Deepvue Theme Tracker
Deepvue Leaders Heatmap – Rotation out of health care
S&P 500.
Heatmap from Deepvue
Group Ranks: 1 Day, 1 Week, 1 Month, 3 Month from left to right. This is a preset for Deepvue Members
Leaders and Key Moves
Important Note: Many of these “leaders” are leading to the downside. Still they provide a good gauge of market environment. As new leaders reveal themselves I will curate this list.
NVDA Good action off the gap down. Just below the MAs
TSLA Oops Reversal and outside day – Feels like a statement on higher volume and potential turning point. Reclaim of the 21ema.
META holding the 200sma
PLTR Strong action from the tight day, into the 21ema
MSTR Make it or break it time, into the key level and high of the heavy downside day.
BABA Resolved down from the tight day
TGTX Respecting the key level
Stocks Setting Up / Showing RS
XPEV 2 tight days at the 21ema, can move with TSLA
GRPN consolidation day in the range
OKTA good action off the gap down, watching for follow through up
BROS watching for a pop higher from this level
TEM watching for follow through up
NEM watching for a break higher
FNV very tight, likely moves tomorrow. See AGI as well
AEM watching for a push higher
VRNA watching for follow through higher
HALO watching for push from the inside day
Previous Watchlist Sorted by % Change from OPen
Today’s Watchlist in List form
Potential Leaders + Mega Caps ( Overall leading to the downside for now)
NVDA, TSLA, META, PLTR, MSTR, BABA, TGTX
Stock on Watch
XPEV, GRPN, OKTA, BROS, TEM, NEM, FNV, AGI, AEM, VRNA, HALO
Themes and Leaders
Strongest Themes: Miners, Oil & Gas, Insurance, Health Care Equipment, China, Biotech/Pharma,
Market Thoughts & Focus
Day 3 of the rally attempt and really like how we acted off the gap down. TSLA stood out. Now we are approaching moving averages again which will be the test. Can we pop through and form a higher low?
Note: Tariff news came out after hours, the gap down = will be a significant test of this rally. Is this reconfirmation down or will it get bought up and be a reversal extension. =
Growth Names I’m more focused on
TSLA PLTR OKTA ZS TEM EAT MSTR UBER SPOT NTNX HOOD BROS DASH
Anything can happen, Day by Day – Managing risk along the way