Powerful Gap Ups as the Market Closes the Week near Highs
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
November 8, 2024
Market Action
QQQ – tight constructive day to end the week. Ideally continues to consolidate sideways a bit then reconfirms higher
Short Term Expectation based on the close is consolidation or higher
Bulls want to see us flag out and then reconfirm higher
Bears want to see us reverse down sharply towards prior highs
IWM – nice action as it forms a range
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Trends (4/4 Up)
Shortest – 10 Day EMA – Above Rising
Short-term – 21 ema – Above Rising
Intermediate term – 50 sma – Above Rising
Longterm – 200 sma – Up – Above Rising
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Groups/Sectors – % Change
From yesterday’s close on the left, from today’s open on the right
Performance Charts from Deepvue
Deepvue Leaders Heatmap
Heatmap from Deepvue
Group Ranks: 1 Day, 1 Week, 1 Month, 3 Month from left to right
Key Stocks in Deepvue
NVDA consolidation day
TSLA expansion higher, if not in looks for pullback spots to 10/21ema
META nice inside day
AMZN looking to flag out
IBIT tightening, would love a 10ema pullback or tight flag
UPST strong Day 1 action
DOCS middle close
TEMS strong action on large volume since earnings
AMSC RMV tight signal yesterday
COIN nice push from a tight day
APP amazing day 2 action
TRMD tight after gap
RBLX fade but still in flag
WGS 10 ema Flag
PRCT good action near 10ema area
ALAB upside reversal, just under 100
LMND flag
CRWD tightening – FTNT the leader now
HIMS this trades wild but forming a handle
LYFT upside reversal
BROS decent day 2
VST good day 2
FRSH tight day
AS recent IPO
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 ROOT CRS FHN HQY PODD UPWK GEV OKLO NTNX DOCU FN DUOL GDS FOUR
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Market Thoughts
This week had many strong moves on volume, the most i’ve seen in quite a while since 2020. Ideally we can build out sideways and set up follow on pivots to the ones that have already triggered. Remember pullback buys in leaders often have even better low risk entry opportunities.
Day by Day – Managing risk along the way
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