Caution Signs? The Market Breaks Lower

Richard Moglen
Richard Moglen

Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue

November 4, 2025
8 min read

Market Action

Gap down and negative close near lows. We also broke below the recent range that was forming and closed below the 10ema. Several negative reactions to earnings today and after hours with PLTR AMD ANET

We are still above a rising 21ema but are close to testing it

Bulls want to see us hold and recover quickly
Bears want to see us follow through down with more negative reactions to earnings reports.

QQQ
The 21ema and Prior consolidation are key levels to the downside
QQQ chart
IWM
Gap down, and then fade are the attempted reversal up. Has been weaker and choppy.
IWM chart
IBIT
Crypto theme pullback continues.
IBIT chart

Trends 3/4 Up – based on the QQQ

Shortest – 10 Day EMA –   Below
Short-term – 21 ema – Above
Intermediate term – 50 sma – Above Rising
Longterm – 200 sma – Up – Above Rising

Groups/Sectors

Theme Tracker
Most pulling back from the open
Theme Tracker
Deepvue Leaders Heatmap
Mixed. Oil and gas remains strong
Deepvue Leaders Heatmap
S&P 500 Heatmap
Software and semis taking the brunt of it.
S&P 500 Heatmap

Leadership Stocks & Analysis

TSLA
Negative expectation breaker. Gap down and testing the 21ema
TSLA chart
AAPL
Trending above the 10ema
AAPL chart
AMZN
Gap down but overall acting the best with the strong gap. Needs to tighten and hold above MAs
AMZN chart
META
In a downtrend since the earnings gap down
META chart
GOOG
Gap down, but trending above the rising MAs
GOOG chart
NVDA
Gap down and breaking lower, but testing the 10ema. Watching for support there
NVDA chart
AMD
Slight gap lower on earnings.
AMD chart
PLTR
Gap down to the base pivot on earnings. Needs to hold here
PLTR chart
INTC
Gap down and close below the 21ema
INTC chart
MU
Gap down and fade, testing the 10ema
MU chart
VRT
Gap down, testing the 21ema
VRT chart
BE
Does not look like much but down nearly 10%. Still above the MAs
BE chart

Key Moves

SANM
Strong move on earnings
SANM chart
XMTR
Strong as well on big volume
XMTR chart
CRDO
Failed Breakout.
CRDO chart

Setups and Watchlist

MEDP
Watching for a range breakout through the HVC
MEDP chart
PBF
This theme has been acting well, watching for follow through and a consolidation breakout
PBF chart
GTX
Tight Day, Watching for a range breakout
GTX chart
VIST
Watching for a range breakout
VIST chart
CRS
watching for a 10ema bounce
CRS chart
FIX
Watching for follow through up. Construction Theme
FIX chart
TER
Watching for a bounce off the HVC
TER chart
DK
Watching for a range breakout. Oil and Gas Theme
DK chart
PARR
Same Theme. Watching for a range breakout
PARR chart
STNG
Watching for a flag breakout
STNG chart
SPHR
Strong action after an earnings gap down. Watching for follow through higher
SPHR chart

Watchlist & Themes

Universe List
AAPL ALAB AMD AMZN APLD APP ARM BABA BE BKKT CCJ CLSK CRDO CRS DELL FIX FLS FSLR GGAL GOOG GOOGL GRAL HOOD HUT INOD INSM INTC LEU LMND MDB MELI META MSFT MU NBIS NET NIO NVDA OPEN PATH PLTR QCOM RGTI RKLB RMBS SHOP SNDK SNOW SOFI SOUN STNG STRL STUB TAC TEM TER TWLO VRT KTOS OPEN
Leaders LIST
TSLA AAPL AMZN META GOOG NVDA AMD PLTR INTC MU VRT BE
Recent Gaps to WAtch
SANM CAH ILMN TWLO NET AMZN RDDT SLDP BE FLS YPF GGAL VIST AMD VICR ISRG PEGA INTC CRS PBF GTX LC MEDP QCOM
Todays Focus List
MEDP PBF GTX VIST CRS FIX TER DK PARR STNG SPHR
Daily Focus
STNG SPHR MEDP DK
THEMES to WAtch
AI, AI Energy, rare metals, biotech. Oil and Gas, Crypto names recovering, Construction, AI Data Center fabrication.

Additional Thoughts

The semi/software/ai names that have been leaders took hits today. Potential change in character. You’ll notice my focus list does not have many of those. Tomorrow is key, do they bounce back with positive expectation breakers or do they follow through lower.

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