Gap up and Good Close. Trend Change?

Market Action

QQQ – the expectation based on the prior bar and recent action was follow through down, with awareness that we were getting a bit stretched in the short term.

Now today we get a gap up and inside bar, not yet breaking the short term downtrend but potentially setting up for a move higher.

So now it’s more of a neutral short term term trend. Bears want to go inside and down and reconfirm lows. Bulls want to catch people by surprise and go inside and up with a strong close.

We remain below the 21ema

IWM – not as strong a close

Trends (1/4 Up)

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

Groups/Sectors – % Change from Open

Performance Charts from Deepvue

Heatmap from Deepvue

Key Stocks in Deepvue

NVDA good close as it forms a range down here

PLTR gap and go on index addition. Strong close and good voluime

CAVA starting to U as it tests the gap down area

DUOL through the pivots

IOT strong day 2 action after the earnings gap

VEEV strong push from post earnings gap range

TSLA no follow through down

RDDT upside reversal and Undercut and rally of IPO AVWAP

DOCS pop above the short term range and heading into resistance

IBIT positive expectation breaker but still below the declining 21

Market Thoughts

Still choppy and overall indecisive day. We will see which way the inside day resolves.

Day by Day – Managing risk along the way