Waiting on the Fed.
Richard Moglen
Stock Trader & Student of the Markets. I help traders improve their systems & performance at TraderLion & Deepvue
May 6, 2025
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Market Action
QQQ – Gap down today and attempted move higher before fading a bit into the close. We are pulling back into the cluster of MAs after bouncing down from the 200sma. We did not quite fill the recent gap up. The Fed catalyst tomorrow could spark a move either way.
The expectation based on the close and recent action is sideways or lower. On guard for a rejection lower from the 200sma
Bulls want to see us rally strongly from the recent range
Bears want us to break lower and close near lows
Daily Chart of the QQQ.
IWM – At a key level, pulling into the cluster of MAs
IBIT – Nice action off the 10ema
Trends (2/4 Up) – Based on the QQQ
Shortest – 10 Day EMA – Above Rising
Short-term – 21 ema – Above Rising
Intermediate term – 50 sma – Above declining
Longterm – 200 sma – Up – Below declining
Groups/Sectors
Deepvue Theme Tracker
Deepvue Leaders Heatmap
S&P 500.
Leaders and Key Moves
TSLA Pulling into the 21ema on lower volume, watching for a pullback to the MA or a break up through today’s high and a move through the 200sma
PLTR Gap down on earnings but holding the 21ema. Want to see this firm up and rally higher
NVDA Watching for the range breakout
META forming a range above the 50 and 200sma
HOOD nice action with the 20ema pullback, needs to expand higher now
MSTR 10 ema flag, watching for a breakout
CRWD Oops reversal, strong action
UBER strong action, earnings BMO tomorrow
Stocks Setting Up / Showing RS
HIMS strong action after earnings and an oops reversal
CRWV expansion
GEV watching for a range breakout, a bit stretched from the MAs but noticing the theme strengthen
HSAI watching for the flag breakout
ECG watching for a breakout
TTAN watching for a push higher from the pivot
U on watch for earnings
SNOW watching for a range breakout
INOD watching for a range breakout. Earnings Soon
BULL Very tight. watching for the range breakout higher
NMAX as well, watching for a breakout move through the inside day/ gap & go (only for fast traders)
Watching UBER TEM SNDK ALAB earnings. Earnings Screen: https://api.deepvue.com/share/ct6lQ6
Today’s Watchlist in List form
Key Names
NVDA, TSLA, META, PLTR, MSTR, CRWD UBER HOOD
HIMS, CRWV, GEV, HSAI, ECG, TTAN, U, SNOW, INOD, BULL, NMAX, TEM, SNDK, ALAB
Focus:
HOOD TSLA HSAI HOOD
Themes and Leaders
Strongest Themes: BTC, Miners, Cyber Software
Market Thoughts & Focus
Good action today, better than you would expect given the QQQ bar. Lots of key earnings upcoming and the Fed tomorrow. Potential for big moves either way.
PLTR watching for it to hold and build. If it loses today’s low that’s a warning sign
Anything can happen, Day by Day – Managing risk along the way