AVGO, TSLA Powers Higher – Crypto Stocks Fade
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
December 16, 2024
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Market Action
QQQ – Strong expansion bar up. Getting stretched in the short term but trending well above all the MAs. Uptrend.
I do notice that net new highs and breadth has been declining
Short Term Expectation based on the close is consolidation or higher
Bulls want to see us continue rest for a bit and then reconfirm
Bears want to see us reverse down sharply and break below the 10ema
IWM – positive day setting up a range just below the 21ema
Bulls would want to see us build out or breakout through the moving average
Bears want to see us follow through lower on increasing volume
IBIT- Gap up from the range. A bit of a fade off highs
Bulls want to see us build sideways and hold the gap
Bears want to see us reverse lower and fall back towards the MAs
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.
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 more downside, at a key level here. AVGO has the power right now in the semi space. See if this can build here and show support
TSLA great action, getting a bit more stretched in the short term, on a weekly this is just breaking out
META holding the 10ema
AMZN Nice reconfirm from this short flag
MSTR gap up but fade back into the range
COIN similar
ALAB slight downside reversal, trending above the MAs
RDDT really good action showing strength, trending
AVGO extremely strong follow through today
QUBT, the quatum computer names still running. See QMCO, QBTS IONQ as well
ASAN great setup, great breakout, watching for more follow through
Stocks Setting Up
ALKT choppy trader but tightening here
FTNT still tight
TEAM swign trade setup from the range
GEO set up at the 21ema
ML still tight but still microcap
VRT setting up a range above the 50 day but below the 21ema
VST range on top of the base pivot
SHOP tight here at the pivot
MSTR watching for it to respect the range and set up another spot, maybe a nice upside reversal
UPWK upside reversal off the 21ema
AVPT tight below the level
GEV a nice range now at the 21ema
BE watching for a push higher, closed above the pivot today barely
TOST setting up a bit here, upside reversal, watching for follow through up. Theme has been consolidating
SQ 21ema pullback. watching for respect adn push from that level.
COIN watching it to hold and rebound here
DOCS watching for follow through up
BILL watching for follow through up from the 21ema
AFRM watching for the breakout
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 AVGO
Market Thoughts & Focus
Great action today from core leaders like TSLA.
Markets still trending, Would have liked for the crypto theme names to act better.
Of the names set up, I’m focused most on AFRM SHOP GEO
Anything can happen, Day by Day – Managing risk along the way