Good Post-Thanksgiving Action – Leaders Setting Up
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
December 1, 2024
Market Action
QQQ – good follow through up after Wednesday’s test of the 21ema
Short Term Expectation based on the close is consolidation or higher
Bulls want to see us continue to push higher
Bears want to see us break lower and undercut the moving average
IWM – tight action, consolidating through time
Bulls would want to us constructively flag out sideways and then reconfirm higher
Bears want to see us break lower from this range
IBIT- tried to follow through higher but fade and poor close, watching for this flag build out more
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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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