Richard Moglen

Market Reversal. Earnings Gaps. HOOD reports tomorrow

Richard Moglen

Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue

July 29, 2025

4 min read

Market Action

QQQ – Downside reversal after the gap up. We remain in a trend above all the moving averages. On watch for further weakness and a break below the 10ema. That would be the first sign that we may consolidate. Until then we remain in an uptrend.

Summer markets are choppier, we are more extended in this uptrend, and earnings season is upon us. Reasons for me to pick my spots more carefully.

The markets reactions to earnings is an important gauge of risk appetite. Are more names gapping up and following through? Or selling off and/or lack of follow through

Bulls want to see us hold the 10ema area and continue to ride the MAs higher
Bears want to see follow through down breaking below the 10ema

Daily Chart of the QQQ.

IWM – downside reversal at the consolidation pivot. on watch for follow through down

IBIT – could not take the pivot and closed near lows. still in the consolidation

Trends (4/4 Up) – Based on the QQQ

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

Groups/Sectors

Deepvue Theme Tracker

Deepvue Leaders Heatmap

S&P 500. Rotation into reits and oil & gas

Heatmap from Deepvue

Leadership

TSLA inside day. no clear direction yet but like how it has handled the gap down. This could be bottoming action. TSLA has obviously lagged the market and most growth names for quite some time.

PLTR consolidation day, trending. if you own it not much to do. if you don’t there is no fresh setup. We are pulling back into the 10ema and consolidation pivot but later in the trend.