Tariff Pause – The QQQ Rises 12%
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
April 9, 2025
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Market Action
QQQ – Incredible move after the announcement of a pause on tariffs. We’ll see if we can form higher lows now.
On April 3rd I mentioned the following about the current correction and
Today we got hints of a resolution of the macro factor the markets care about.
The short term expectation based on today’s close is sideways or higher. I don’t know if we are out of the woods yet and continuing to expect volatility and news catalysts. We remain below the 200 sma and therefore vulnerable.
Bulls want to see us form a higher low and volatility to lessen.
Bears want to see more uncertainty about the tariffs/trade war and for us to reverse down.
Daily Chart of the QQQ.
IWM – Similar bottoming type action above 171
IBIT- Reclaimed the 200sma, needs to rally above the 21ema and form higher lows
Trends (1/4 Up) – Based on the QQQ
Shortest – 10 Day EMA – Above Rising
Short-term – 21 ema – Below declining
Intermediate term – 50 sma – Below declining
Longterm – 200 sma – Up – Below Increasing
Groups/Sectors
Performance Today from open on the Left, Performance over the past 20 days on the right.
Performance Charts from Deepvue
Prebuilt Deepvue Theme Tracker
Deepvue Leaders Heatmap
S&P 500.
Heatmap from Deepvue
Group Ranks: 1 Day, 1 Week, 1 Month, 3 Month from left to right. This is a preset for Deepvue Members
Leaders and Key Moves
Important Note: Many of these “leaders” are leading to the downside. Still they provide a good gauge of market environment. As new leaders reveal themselves I will curate this list.
NVDA Powerful reclaim of the key level and 21ema, below declining 50 and 200
TSLA Refused to break lows, above the 21ema
META Powerful reclaim of the 200sma
PLTR Strong reclaim of the 21ema, has been holding up better than most
MSTR Reclaim of the 200sma
Stocks Showing RS
Even through the market is in a correction, it’s best practice to continue to monitor for persistent RS and developing themes. Tracking names every day will point you to the leaders early as the market is entering it’s last stage of the correction.
However just because a stock is showing RS one day does not mean it is buyable, and RS matters most in the later third of a correction.
GRPN Push off the 21ema
CELH watching for continuation up
RBRK testing the level, watching for a higher low
CRWD pop through the 21ema, watching for higher low against the 50sma
HOOD watching for higher low
GEV watching for higher low
RKLB watching for higher low
SPOT watching for higher low
CYBR popping through the 21ema, watching for the higher low
TMDX push higher, watching for breakout from Stage 1
TEM watching for pop from this range
Today’s Watchlist in List form
Potential Leaders + Mega Caps ( Most leading to the downside for now)
NVDA, TSLA, META, PLTR, MSTR
Stock on Watch
GRPN, CELH, RBRK, CRWD, HOOD, GEV, RKLB, SPOT, CYBR, TMDX, TEM, PLTR, TSLA
Themes and Leaders
Strongest Themes: TBD – Cyber interesting in growth space
Market Thoughts & Focus
Very strong day today as we got positive news about tariffs. Still a lot to prove and higher lows to form. Watch closely now for stocks which hold up the best and are setting up constructive bases. Even if we have now seen the worst of the sharp correction, we still could be in for a lot of chop especially if more headlines happen.
Many key names are running into their 50 sma’s. That is the next technical level which could cause a failure or form ranges and higher lows.
Anything can happen, Day by Day – Managing risk along the way