Semis Lead, Inside Days
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
December 23, 2024
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Market Action
QQQ – consolidation but positive day, good closing range, holding above the 21ema
Short Term Expectation based on the close is consolidation or higher. Larger context however still however warrants some caution
Bulls want to see us reconfirm higher and close the year strong
Bears want to see us follow through down and test yesterday’s low
IWM – inside day in this bear flag, we’ll see which way it resolves
Bulls want to build here or rally strongly
Bears want to see us break lower below this range
IBIT- follow through lower
Bulls want to see us rally to send the weak and take out today’s high
Bears want to see us continue lower
Trends (2/4 Up)
Shortest – 10 Day EMA – Down Below Declining
Short-term – 21 ema – Down Below Declining
Intermediate term – 50 sma -Up Above Rising
Longterm – 200 sma – Up – Above Rising
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Groups/Sectors
Performance Today on the Left, Performance over the past 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. This is now a preset for Deepvue Members
Post Market Movers. Not much of note
Key Stocks and Moves in Deepvue
NVDA pop up through the 21ema, see if the wedge pop holds
TSLA upside reversal against the prior all time high, forming a range here
META positive expectation breaker and right at the 21ema and the base pivot
AMZN very tight consolidation day
GOOG follow through up
ALAB gap up but tight day
RDDT tight inside day
MSTR inside day, poor close
PLTR tight consolidation day
GEV tight consolidation day
AVGO positive expectation breaker, u turning
TSM gap and go, semis strong
RUM huge move on highest volume ever on investment news catalyst
Stocks Setting Up / RS
BTDR swing type name nice pivot
CRDO still in this range
RBRK tight day at the HVC
NVCR upside reversal within range, watching for a push higher
SHAK double inside at the 21
SQ tight inside day above the base pivot
NAMS tight near bit weekly level, biotech
AFRM watching for pop through the 21ema
SMTC tight range at the 21ema, semis in gear again
ASAN watching for push higher
BE tight at the 21ema
BILL tight at the 21ema
PSTG inside day 10ema post gap
INOD swing trade type name, pivot set up but would ideally like this to be closer to MAs
WGS inside day at the 21ema
SHOP watching for pop through the 21
CRWD range at the 21ema
DDOG watching for pop through the 21
INTA range 21ema
UPST inside day at the 50 day
DUOL watching for push through the 21
GEO still in this range, needs to push
VST watching for pop above the range
APP watching for a push higher from range
TGTX watching for a push from tight day
RDDT watching for a push from inside day
Themes and Leaders
Key Themes: Software, AI
These names have the top RS, growth stories
TSLA PLTR RDDT ALAB APP DOCS GEV
Focusing on stocks holding above or near the 10emas, then 21emas, recent pivots, and earnings gaps.
Market Thoughts & Focus
Nice action today with many tight days, inside days, upside reversal. good to see semis acting well
A lot of names set up in ranges near or just below the 21ema which the potential to follow through up. however, if these ranges resolve down, or pushes fail, again that suggests more time is needed.
Focus is on TSLA, GEV, RDDT, RBRK
Anything can happen, Day by Day – Managing risk along the way