The bleeding under the surface has shown more clearly today with expanding New Lows again……we have been monitoring this the past few weeks and gradually become more cautious and defensive. Decliners led Advancer 2.2 to the downside. Some leader are still holding up but the average stock has been struggling at best……..exactly the reason we tightened some stops this AM. The Naz dove 2% today on a Gap down leaving a “quasi-island top” formation.
CRWD stopped out -0.5%
SNOW stopped out -3.6%
MDB stopped +3%
These basically wash each other out and minimize damage…..
TSLA is hanging by a thread
SNDK tagged its 10sma today but closed above it. (Earnings on Thurs night)
AVGO pullback triggered at $358.00; Stop is 340.10
Watching two important stocks in this Bull Market:
PLTR reported ER. On the ERx Gap call Sunday, I shared my opinion ( a minority one) that I felt PLTR has been under gradual distribution for many months and looked late stage. They reported a great quarter but stock gapped down and then churned right around the breakout level……time will tell if can re-gain its mojo or not.
NVDA came off 4% today and closed below the Psychological $5T Valuation that was the rage in the News last week.
In GMU, we talked about a 4-6% Pullback and break of the 50d could be a good re-set. The primary trend is still up though is its turbulent right now so we remain defensive.
Trade Well
J