The Market Drops over 2% After Big Cap Earnings

Market Action

QQQ – After stalling near the pivot for a few days the QQQ gapped lower and closed negatively well under the 21ema, just above the 50sma

Short Term Expectation based on the close is consolidation or lower

Bulls want to see us snap back higher or build near the 50 sma and then rally up.
Bears want to see us continue lower and break the 50 sma

IWM – follow through down and close below the 50sma

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

From yesterday’s close on the left, from today’s open on the right

Performance Charts from Deepvue

S&P 500

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 drop below the 21ema

AMZN up after earnings, see if that can help the overall market

META negative bar down

TSLA see if it can hold and build out near the moving averages

RDDT off highs but slight follow through, see how it holds up if we do correct further. With this type of power it should be on your watchlists for the next setup

RBLX gap up over big weekly level

CVNA what a run this has had. Later in the move now

COIN big reversal down. Crypto names took it on the chin today. HUT HOOD

ALAB testing the 10ema,

GDS upside reversal

VST holding up well towards earnings so far. CEG very similar

Market Thoughts

Wedge drop today after big cap earnings. We’ll see how much time we need. AMZN great report so see if that can stay things. Still a lot of event risk coming up into the election. Less is more right now.

Day by Day – Managing risk along the way