The Market Forms a Handle after NVDA Earnings – Stocks Setting Up

Market Action

QQQ – We got the positive scenario. Gap up, consolidation and then strong close. We are forming a range right above the 21ema.

To me the overall pattern looks constructive. Based on the previous close and negative buzz around NVDA the expectation was a follow through down. Instead we held and closed strong above all the MAs.

Next week we will see if we push higher which is the current expectation. A definitive break below the range and MAs would be a negative

IWM – looks constructive as well, held the 10ema

Trends (3/4 Up)

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

Groups/Sectors – % Change from Open

Performance Charts from Deepvue

Heatmap from Deepvue

Key Stocks in Deepvue

NVDA inside day below the MAs after yesterday’s break. Expectation would be lower but watching for a potential move up through the MAs

AFRM follow through up

MELI strong day, south american companies moved as a theme, YPF GGAL among top gainers

CAVA respect for 10ema so far

TEM ranges are tightening

CRWD interesting for next week. In the wick

LLY strong action off 10ema test

AVGO earnings next week. Many semis in handles like this ONTO KLAC

SN follow through up

GEV follow through

NRG strong breakout, after 21ema test

ASPN tight inside day

PRCT still flagging

DOCS i’ll keep including this until it closes at something other than 36 lol. Upside reversal off 10ema

COHR upside reversal undercutting 10ema

ADMA very tight. Likely moves soon. Biotech

CART upside reversal

KVYO upside reversal, watching for follow through

TMDX pulling in toward the 21ema

Market Thoughts

Lots of noise ahem I mean news this week. But looking through charts I was pleasantly surprised. Everyone seems to want the market to roll over. Yet seeing many tight areas and leaders that have pulled back to KMAs

Day by Day – Managing risk along the way