Downside Reversal as Chop Continues
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
February 8, 2025
Market Action
QQQ – Large downside reversal as the 530 area proves to be resistance again.
Short Term Expectation based on the close is consolidation or lower
Bulls want to see us build sideways and hold the 21ema
Bears want to see follow through down breaking the MAs
IWM – Follow through down breaking the 21ema
Bulls want to see us build sideways
Bears want to see us continue lower
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IBIT- Gap up and negative downside reversal. Below the moving averages. Looks weak
Bulls want to see us reclaim the MAs
Bears want to see us break monday’s low and for the moving averages to continue to roll over
Trends (3/4 Up) – Based on the QQQ
Shortest – 10 Day EMA –Â Â Below Declining
Short-term – 21 ema –Â Above Rising
Intermediate term – 50 sma – Above Rising
Longterm – 200 sma – Up – Above Rising
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Groups/Sectors
Performance Today from open on the Left, Performance over the past 20 days on the right.
Performance Charts from Deepvue
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 now a preset for Deepvue Members
Post Market Action.
Leaders and Key Moves
NVDA Still looks like a chart that needs healing. Will be watching for rejections off of declining MAs.
TSLA No follow through up instead it reverses lower. Below the MAs
META Trending above the MAs but noticing the weak closes the past few days
GOOG reconfirmation lower from the inside day after the gap down
MSFT choppy to say the least over the past few months. Reconfirmation down friday
AMZN breaking below the 21ema after earnings
RDDT Continues to trend well
PLTR Fade off of highs
CRWD Downside reversal
DOCS strong gap and go move
AFRM strong gap and go move
HOOD Trending well
TWLO Still in this range
TEM Inside day, still showing RS
Stocks Setting Up / Holding Up
AI forming a range against the 21ema and potential first higher low
ASAN still in this range, good close off of the 21ema
HUBS watching for constructive pullback to the base pivot
INTA swing trade idea through the HVC
MSTR and COIN watching for pop through the 21ema. However, bitcoin looks weak and this needs to start showing RS
SOUN watching for a push from the inside day. Range against the 21ema
TWLO watching for a break through the pivot
TGTX fast mover and biotech, watching for a break through the pivot
MP watching for a push from this short flag.
SNOW leading theme, watching for reconfirmation through the pivot or a base pivot/21ema constructive retest
SHOP watching for constructive action off the base pivot
RBRK fade but watching for it to hold this range or constructive 21ema pullback
HSAI fast mover, watching for reconfirmation from the inside day
Themes and Leaders
Key Themes: Software, Cyber, AI, Semis
Strongest names in software – PLTR SNOW SHOP GTLB ESTC NET CRWD ASAN PLTR TWLO APP
These names have the top RS, growth stories
RDDT CRWD HOOD
Market Thoughts & Focus
Not super impressed based on going through my screens. Mega cpas look weak and not that many primed charts. AI plications like TEM SOUN showing strength.
We remain in a choppy environment.
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