Upside Reversal – The Market Set Up for Higher
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
September 30, 2024
Market Action
QQQ – push down then strong close at the key level. Support at the 10ema
Short Term Expectation based on the close is higher
Bulls want to see strong continuation up
Bears want to see us fade and undercut of today’s low
IWM – upside reversal, good action
Trends (4/4 Up)
Shortest – 10 Day EMA – Above Rising
Short-term – 21 ema – Above Rising
Intermediate term – 50 sma – Above Declining
Longterm – 200 sma – Up – Above Rising
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Groups/Sectors – % Change from Open
Performance Charts from Deepvue
Deepvue Leaders Heatmap
Key Stocks in Deepvue
NVDA oops reversal off the 21ema
CAVA pullback to the 21ema, HVC
IBIT reversal down, similar action in COIN and crypto names
FUTU and china names still gapping higher. Fade from highs
ZIM follow through up
TEM quick pullback to 21ema area, up, base, then strong close
HIMS still moving off lows, up against HVC.
LLY upside reversal
LNTH push from inside day
CVNA outside day in flag
CART nice move from tight day at the base pivot
BLDR pulling into the 10ema
BNTX tight in base, volatile name
SPHR that las vegas sphere thing is starting to move up the right side
RDFN flag
UPST forming a range, can watch for pos expectation breaker tomorrow
VRT pull in towards 10ema and good close
VST flagging after the power move
CEG undercut and rally of range and AVWAP, watching for follow trough now
KNF Miner recent ipo, 10ema pullback
OSCR fade but still forming range above the 21ema area
PLTR upside reversal, tight against the 10ema
PRCT fade but still in range near 21ema
ALAB watching for MA pullback
MELI pullback to prior pivot and 21ema area
TOST no follow through down, forming a range at the pivot
EXP flagging
Market Thoughts
Big caps trucking higher, Decent about of flag setups
Day by Day – Managing risk along the wa
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