Crypto Theme Takes off. COIN IBIT in Focus
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
December 4, 2024
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Market Action
QQQ – very strong action with a gap and go, new highs. Getting a bit short term extended here, would love some tight sideways action, the reconfirmation up
Short Term Expectation based on the close is consolidation or higher
Bulls want to see us constructively move sideways tightly, then reconfirm
Bears want to see us reverse sharply
IWM – nice tight flag into the 10ema
Bulls would want to us push higher on volume
Bears want to see us break below the 10ema sharply
IBIT- great action pushing higher from the tight area
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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
Post Market Movers. S down
Key Stocks and Moves in Deepvue
NVDA pop through the 21ema as mentioned. Nice morning pull in before a u turn and strogn close
TSLA actionable today, tight area and outside day, watching for momentum move higher
META tight constructive close after strong breakout move recently
AMZN new highs
MSTR push higher with crypto
MRVL strong earnings gap highest volume in 1 year, moving out of a base since 2021
SNOW follow through up with the gap and go
PSTG another one, adding to gappers list
INOD push higher through pivot
GEO strong push from tight day, 10ema reclaim
COIN follow through up from outside day, moving with crypto
DDOG expansion from contraction
GH expansion from tight area, mentioned yesterday
SQ strong action, interesting strength versus TOST and FOUR today which got sold hard
Stocks Setting Up
AA still tight on top of the base pivot
DOCS upside reversal in tight range, actionable off 10ema today and on follow through shortly
GAP double inside after the gap
NNE in this range. swing trade type name very volatile but powerful if it can break out from the range over yesterday’s high
QFIN swing trade type name and china related. Actionable on follow through from upside reversal today off the base pivot
CCJ resting above this pivot
BE upside reversal and tight above this mini pivot, actionable on push higher
EQT upside reversal, watching for follow through
GPOR upside reversal in the flag
SHOP squat today but still one to watch for a push higher
AMBA inside day. decent range forming after the gap
RVLV upside reversal off 21ema
NVCR well off highs but HVE. Lower dollar volume name
VRT still in this range, crypto related
DAVE big upside reversal, watching for follow through
GEV actionable today through the high, still reasonably tight
Themes and Leaders
Key Themes
Crypto, Fintech, Software, AI, Semis, Alt Energy – Fintech took a hit today with TOST and FOUR
These names have the top RS, growth stories
TSLA PLTR HOOD MSTR COIN RDDT APP 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
Market Thoughts & Focus
Really good action today, bitcoin theme leading, fintech took a hit with TOST and FOUR. See if we get follow through tomorrow
TSLA BE DOCS most interesting to me tomorrow morning
Anything can happen, Day by Day – Managing risk along the way