The momentum shift in the market is real, and traders should take note. While the indexes like QQQ and SPY continued their steady grind higher—up 0.4% and 0.2% respectively—we saw weakness creep into former momentum leaders.
Names like RGTI, IONQ, and QBTS got rugged despite strong openers. This is classic distribution. When breakouts get faded immediately, it’s often a sign that institutions are lightening their load.
Meanwhile, a new rotation is underway. Big tech stocks like Microsoft (MSFT) and NVIDIA (NVDA) are basing near breakout zones, while Micron (MU) is pushing all-time highs. The shift from high-flying speculative names back into “lame sevens” could define the next few weeks of trading.
Watchlist for Friday
- ENTA – Biotech with 17M volume. Trender with continuation potential.
- COIN – Beautiful wedge. Could be the leader if crypto names perk back up.
- CIPHER, GALAXY, HOOD – All looking juicy as crypto proxies.
- ETSY – Big news around OpenAI integration. Huge base breakout in play.
- MARA – High range day and volume. Watch for trendline breakout.
- WIFI – IPO name testing the “bone zone.” Day tradable with strong range.
- ACB – Pot stock with momentum. Breakout over $0.60 looks actionable.
- BKKT – Perfect intraday pattern forming with a million+ shares.
- CLSK – Big volume name, another crypto stock with potential.
- MU – Retesting all-time highs post-earnings. Slight distribution, but setup remains valid.
This is still a bull market, but we’re starting to see cracks and shifts beneath the surface. When crypto and microcaps fade while semis and large tech base out, that’s a shift you can’t ignore.
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Revisit our post on 5 Simple Strategies to Conquer Overtrading to stay disciplined during market rotations.
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