Strong Action as NVDA Leads
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
January 3, 2025
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Market Action
QQQ – strong push higher off 50 sma area, right under the 21ema
Short Term Expectation based on the close is consolidation or higher
Bulls want to see us follow through up above the 21ema
Bears want to see us reject down
IWM – Back to the top of this range
Bulls want to see us follow through up
Bears want to see us reverse lower
IBIT- holding above the 21
Bulls want to see us follow through up or build sideways above the 21
Bears want to see us reverse lower below the 21
Trends (2/4 Up) – Based on the QQQ
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 from open 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
Leaders and Key Moves
NVDA follow through after pos ex breaker. Wedge pop through the key level
ALAB follow through, strong trend
PLTR follow through up after reversal at the 21
TSLA great action, filling the gap, just below the key level again
RDDT great follow through up, right at all time highs
GEV gap down but then strong action and breakout move
CRNC NVDA partnership announcement. Can watch for day 2, subsequent setups.
RIVN strong push higher
RKLB strong follow through up
MSTR strong push from inside day. Deep base
Stocks Setting Up
AVGO still in this range, watching for a push higher through today’s high
GME relatively “tight” watching for follow through up and breakout
QMCO another tight area on the 10ema, watching for a break out higher
RVLV range just below the 21ema
ASAN just below the 21ema
NVCR tight area watching for push higher
RUM watching for continued u turn, ideally sets up inside day here
NAMS watching for break higher
HUBS watching for follow through higher
LMND at the 50 day, low in the base
RBRK watching for follow through higher
CRDO watching for follow through higher
GLBE pos ex breaker, watching for break higher
Themes and Leaders
Key Themes: Software, AI, Semis. Semis NVDA, standing out
Liquid Leaders
These names have the top RS, growth stories
TSLA PLTR RDDT ALAB APP GEV
Performance Enhancers
SOUN QMCO RGTI RUM
Market Thoughts & Focus
Funny start to the year but decent action, again many names have now formed key lows which can be managed risk against, lots of ranges against the 21.
Daily Focus is on RBRK RDDT AVGO
Anything can happen, Day by Day – Managing risk along the way
I hope everyone had a new years!