Can We Get Some Proper Rest?

Continued news driven market with tech holding well as financials, small caps, energy, industrials and other sectors continuing to display weakness. The tug of war continues. Large cap tech had a huge move in a short time but is hitting some resistance and likely needs rest. I don’t see fresh set-ups to start the week so my plan is to be patient, see how we respond to FOMC, and take it from there. Do we rest/pullback in an orderly fashion or roll over? With breadth as bad as it is selling or reducing into extensions makes sense to me so that’s what I did into the weekend. Posting a bunch of charts so I can reference throughout the week but observing here until I see how we trade the front half of the week.

QQQ Weekly- Strong week but into short term resistance. A consolidation week would be healthy to set things back up. Need to see more participation outside of just Big Cap Tech.

QQQ Daily- Broadening formation drawn over the last month. Highlighted how distribution came into the market around this 309 level in the past. 298-300 was the change of character Wednesday so any rest/basing above that level is what would like to see.

SPY- Inside bar, within a bear flag, with an unfilled gap Friday at the 200SMA. Not a good look to me. If it triggers down next week 380, 375 the downside levels.

IWM- Could view as short term stretched into 170 level. Bulls want to see a shake down and rally whereas bears want to push this level. I am just in observation/tell mode here but if it were to break and hold below not a good sign for the market.

NASI- Continue to see very negative breadth with our line in the red and below the 10EMA. RSI is oversold and in areas that WHEN it turns can lead to rallies. However, we can stay here for a long time. Just a sign of the overall environment currently. Take profits into 10EMA extensions until we see healthier breadth.

NYNL- The new high new low is now definitively below the 10EMA as well. A lagging indicator but highlights the larger market trends reasonably well.

GLD Weekly- Best looking bigger picture area of the market. Extended on the daily timeframe but worth reviewing. Hunch is this large pattern breaks out eventually.

AGI Weekly- Tried this two weeks ago and took a scratch unfortunately. The best looking gold miner to me. Some others to review FNV GOLD EGO WPM as this may be an emerging trade.

MSFT- Heavy volume Friday, extended and into this gap resistance. Expecting a pullback through time or price and will assess from there.

AAPL- Underperformer in big tech this past week but still consolidating. Has been distributed at this level since October so what happens here will be important for the Nasdaq. Watching as a tell.

NVDA- Heavy volume stalling bar after the Thursday breakout may lead to a few days rest. Has defined a channel since January now. Drew it for the first time. Friday’s high within a few points of the original inverse head and shoulders measured move.

AMD- Best mover last week. Short term extended but key focus for a new opportunity with a few days of proper basing.

TSLA- Rejected at the 20EMA so far. If tech were to show weakness this looks vulnerable to a continued sell off. It needs to base/consolidate under 186.50 without falling apart or vulnerable to lose the 50SMA. Do or die position.

TSLA 65 Min- Developing head and shoulders under the 20EMA on this 65 Min chart? 176 is the downside pivot. The 50SMA is then at 173.50.

META-Unfilled gap Friday probably means we consolidate here. Watching pullbacks to the 10EMA 190/191 level to start but the 20EMA has been the area that supported price since the gap higher.

ANET- Very strong stock with an inside bar Friday but extended. Key focus if it can let the moving averages catch up to price.

ABNB- Similar do or die position as TSLA. Needs to base/consolidate under this 120/20EMA level OR may lose the 50SMA. If built a little mini-base watching this 120 pivot.

PANW- Continuing to watch how this consolidates under this weekly resistance level.

COIN- Explosive move this past week as Bitcoin took at 25k. Short term stretched but with proper rest may be a new name to watch for upside.

SPOT- Building a nice consolidation/base.

SE- Too sloppy at the current moment but with a strong reaction to earnings. Watching pullbacks to the 20EMA or for a larger basing pattern to develop.

PATH-Strong reaction to earnings. These large gaps have not been seeing upside follow through so waiting for the moving averages to catch up or a larger pattern to build. If it headed higher will view that as a good sign but wait for an opportunity down the line.

GLBE- Continuing to track this stock but happy to wait for a larger pattern to build under the 31 level.

IOT Weekly- Tried to support last week but likely needs more time to consolidate this large move. On my watchlist but letting it build a more defined pattern.