NVDA Beats on Earnings, Revenue – 100% Growth
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
November 20, 2024
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Market Action
QQQ – nice action, push down at the open and then a strong close ahead of NVDA EPS. We will have been unable to fill the gap above.
Short Term Expectation based on the close is consolidation or higher
Bulls want to see us continue to build here and ideally follow through up to fill the gap this week
Bears want to see us reverse sharply down and take out the recent lows
IWM – also good action, upside reversal off the 21ema
Bulls would want to see a follow through up off the 21ema
Bears want to see a reversal back down through the 21ema, undercutting yesterday’s low
IBIT- grinding higher, bit of wedging action
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Trends (3/4 Up)
Shortest – 10 Day EMA – Down Below Declining
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
From yesterday’s close on the left, over last 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 Gap Ups and Gap Downs – NVDA down but now muted reaction
Key Stocks and Moves in Deepvue
NVDA down about a 1% after earnings, can watch for an earnings pivot tomorrow which would be a breakout through the prior two day’s highs
We’ll see how other AI names move tomorrow as well – likely the theme in play
TSLA nice inside day, matures the setup a bit. Still aggressive but swing traders can look for a move from the double inside
META good action, watching for a push above the MAs
AMZN forming a range here against the base pivot and 21ema
MSTR still strong and pushing higher, got very extended from the 10 day – swing traders should be selling some into strength. odds of a sharp reversal increasing but also could be going parabolic. Volatility expected
AAOI gap and go from tight flag covered in the report. 1min ORB or intraday base entry tactics would have worked well here
GLBE gap out of a year+ long base, but not the best close, can watch for a strong day 2 or flag to form
BROS nice expansion from the tight pullback mentioned in the report. Recent IPO to watch for more spots
PLTR tight action on top of the 10ema
Stocks Setting UP
ACLX watching for follow through up from upside reversal – swing trade type name
AX upside reversal at base pivot, watching for U turn up
AXON tight flag
DECK still forming this handle, upside reversal off 10ema
LC fintech space swing trade setup
SHOP tight action, watching for U turn
RDDT upside reversal day just below highs
EXEL tight area, swing trade type name
ALAB may move with NVDA, see if it can breakout through the post gap highs
COHR nice tight inside day
AI also inside, can watch for flag or push higher
TSM coup gap and go through the moving averages
CAPR extremely speculative and fast mover, tight action
SNOW earnings gapper, up to 154 after hours on huge volume
NXT solar group was hot today, see if this can push higher from the tight area
Themes and Leaders
Key Themes
Crypto, Fintech, Software, AI, Semis
These names have the top RS, growth stories
TSLA PLTR HOOD MSTR COIN RDDT APP NVDA AXON FTNT DASH SHOP DUOL
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
Market Thoughts
Good action today and I like the muted reaction after hours to NVDA, see if we can push into the QQQ gap tomorrow. Semi and AI related names likely in play tomorrow. Crypto related names a bit extended.
Focus on the leaders – if in one with a great cushion, focus on the trend. Patience Pays in a strong market in a leader.
Day by Day – Managing risk along the way