Gap Up But Weak Close
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
April 23, 2025
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Market Action
QQQ – Gap up above the 21ema but a weak close. Good to see a gap up but what happens next will be telling. Do we follow through lower or hold and build above the 21ema.
Bulls want to follow through up or tighten sideways
Bears want to see us follow through down and fill the gap
Daily Chart of the QQQ.
IWM – Similar action, forming a sideways range the past 5 days
IBIT – Crypto holding well although short term extended. on a pullback Ideally it’s gradual and respects the 10ema
Trends (1/4 Up) – Based on the QQQ
Shortest – 10 Day EMA – Above Rising
Short-term – 21 ema – Below declining
Intermediate term – 50 sma – Below declining
Longterm – 200 sma – Up – Below declining
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
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
NVDA Still looks like a downtrend. Gap up and close near lows
TSLA Gap up and then consolidated. Today’s high is a pivot.
META Rejection at the declining 21ema area
PLTR Pop through the pivot level but not the strongest close. Still standing out and should be on your focus list
MSTR Looks like it may need a pause after the move from the early pivot
CRWD Gap up above the 50sma but fade off highs. Ideally builds sideways
TGTX Re-breakout from the range
Stocks Setting Up / Showing RS
UBER Don’t like the look of this bar but pulling back into the range
HOOD Close near lows
AEM Gap down but strong off the open. Needs to recover quickly and build otherwise potential for it to break the uptrend
TEM Follow through higher above the 21ema now. Watching for a higher low
NFLX constructive inside day below highs
SDGR watching for it to hold and build above the 10ema
RBRK close off highs
Today’s Watchlist in List form
Key Names
NVDA, TSLA, META, PLTR, MSTR, CRWD, TGTX
PLTR, MSTR, CRWD, TGTX, UBER, HOOD, AEM, TEM, NFLX, SDGR, RBRK
Themes and Leaders
Strongest Themes: BTC, Miners, Cyber?
Market Thoughts & Focus
Good to see a gap up but I don’t like the action off the open in many names. Open minded but focused to see if we follow through down or can build higher lows here. Many weaker charts look to have been rejected down from MAs today. Still a news driven market
Anything can happen, Day by Day – Managing risk along the way