The Market Breaks the 21ema – Bitcoin and Crypto Theme Stand Out

Market Action

QQQ – Sharp drop from the tight area through the prior high and 21ema – the bears won this end of the week

Short Term Expectation based on the close is consolidation or lower

Bulls want to see us respect this level, build a range here or have a positive expectation breaker early next week and rally sharply retaking the 21
Bears want to see us follow through lower

IWM – more follow through down

IBIT clear RS, strong action today

Trends (2/4 Up)

Shortest – 10 Day EMA –  Below declining
Short-term – 21 ema – Below declining
Intermediate term – 50 sma – Above Rising
Longterm – 200 sma – Up – Above Rising

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Groups/Sectors – % Change

Daily Performance on the Left – 20 day Performance 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 break lower to the prior high and 21ema, earnings the 20th, semis have been lagging

TSLA found support near the 10ema as we wanted and showed strong RS.

META big break lower through the 21

AMZN gap lower to the 21ema

SHOP like the action, good close

ROOT from the double inside I pointed out yesterday, good RS

AFRM strong off the prior base high

PLTR so powerful

MSTR good action going sideways

COIN strong off 10ema area

BROS tight action

SQ good action, would like more of a flag here

FTNT flagging back into the 10ema

AX bank name that can make nice trends, 10ema, top base pullback

OWL still at the 21

ALAB leaking lower towards the gap low, shake of that to the 21ema?

PRCT back to the base high

RDDT break lower to the 10ema

UPST upside reversal near gap lows

HOOD nice flag

CEIX 10ema flag

CORZ 10ema

LYFT holding up well

Top Leaders

These names are have the top RS, growth stories

TSLA PLTR HOOD MSTR COIN RDDT APP NVDA AXON FTNT DASH SHOP DUOL

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 MARA HUT ROOT CRS FHN HQY PODD UPWK GEV OKLO NTNX DOCU FN DUOL GDS FOUR SHOP RKLB

Market Thoughts

Very negative day on the QQQ but individual leaders help up alright, we’ll see what next week brings. QQQ is my trend filter, much more aggressive when we are above a rising 21.

We were short term extended and pulled in hard, now how do things respond – higher lows? Track the leaders and the names you missed and want in.

Day by Day – Managing risk along the way