The Market Breaks Down Further – Testing Lows
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
March 28, 2025
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Market Action
QQQ – Reconfirmation down after the fade yesterday. We closed the week on a negative note and are testing the local bottom.
The short term expectation based on today’s close and recent action is consolidation or lower. Continuing to expect volatility and sharp moves
Bulls want to see us hold here with a positive expectation breaker OR see a large down move reverse up and close very strongly.
Bears want to see us follow through lower closing the week near lows Ideally with gaps that follow through lower
Daily Chart of the QQQ:
IWM – Similar story
IBIT- Break lower from the range, testing the prior pivot
Trends (0/4 Up) – Based on the QQQ
Shortest – 10 Day EMA – Below declining
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
We also just added a prebuilt 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 follow through lower, was down less than expected based on the QQQ action
TSLA some follow through lower
META Big move down testing the 200sma
RDDT some follow through lower
PLTR break below the 21ema and 50 sma, likely to test lows
OKTA close below the 21ema
MSTR big break lower
ROOT Close below the 21ema
BABA looks vulnerable but holding up better than most
TGTX good action off the 21ema
CRWD follow through lower
Stocks Setting Up / Showing RS
Note: The market is very weak, continuing to note RS but looking for persistent RS over time as this correction unfolds.
GRPN holding above the key level
CELH ran into the 200sma, but holding above the MAs for now
ADMA holding the 10ema range
AU many miners look similar trending but short term extended GFI AEM FNV
ARQT choppy as its character but 21ema pullback
MP inside day above the 21ema
YOU Watching this level
HALO trending
CNX holding this range
PGR pop above the range
CRK tight day
EQT inside day
SE holding inside
ZS has been choppy and stage 1 for quite some time. Still Forming a base
Watchlist in List form
Potential Leaders + Mega Caps ( Overall leading to the downside for now)
NVDA, TSLA, META, RDDT, PLTR, OKTA, MSTR, ROOT, BABA, TGTX, CRWD
Stock on Watch
GRPN, CELH, ADMA, AU, GFI, AEM, FNV, ARQT, MP, YOU, HALO, CNX, PGR, CRK, EQT, SE, ZS, BABA, TGTX
Themes and Leaders
Strongest Themes: Miners, Insurance, Health Care Equipment, Oil & Gas, China, Biotech/Pharma,
Market Thoughts & Focus
The correction reconfirmed today, expecting more volatility. Livermore fishing time unless a very active trader. Be careful out there
Anything can happen, Day by Day – Managing risk along the way