Closed On Key Levels
We have pulled back off logical resistance levels in AAPL MSFT but saw the selling broaden a little today. We closed right on key levels on a lot of names. I still see the weeklies as needing some consolidation and upside as limited into earnings so being patient. Not sure if that means we break or not but doesn’t seem like time to be aggressively long.
QQQ Weekly-Last weeks low is 212.82. We closed right on it. There is gap support here too. At the end of January we took out 297, floundered around and then had a pullback. We are sort of in a similar position here at 313.
QQQ-The 20EMA lies below at 312. If we lost that area will be watching the gap at 307.12 but would really just wait for it to re-build. A pullback to the 50SMA would set some great charts but will see what happens. The unfilled gap above price the last 5 days that had multiple chances to fill and didn’t has me leaning towards a pullback. Why did buyers get so close….but never close it multiple days in a row?
SMH 195 MIN-Rejected at the magic line yesterday but downside follow through today and approaching 50SMA/rising trendline from January. This rising trendline/50SMA is key support for me. Want to see semis leading and outperforming vs showing relative weakness.
AAPL Weekly-Rejecting at the channel resistance as expected. 160 a key level into end of week. Being patient.
AAPL-Two unfilled gaps overhead. If lost 160/20EMA want 158/157.50 next level but would just let it re-build.
MSFT Weekly-Huge level so consolidation expected and not a surprise. Being patient.
MSFT-Two unfilled gaps above not a sign of strength to me. 20EMA below but just waiting until earnings 4/25 on this one.
NVDA Weekly-Stretched into 280. It may hold 20EMA Daily but if it pulled back will be watching for another long pattern to set up. Just extended.
NVDA 195 Min- Head and shoulders look on the 20EMA and this trendline from January. 264 is the key level for me. 20EMA/trendline buyers show up or potential change in character here.
TSLA-Rejected on the rally at the gap, AVWAPS it broke previously, 10/20/50 KMAs. This looks like the worst of big tech. Very weak. If lost $176.50 area that’s the AVWAP from the lows. Looks vulnerable with earnings next week.
NFLX-Re-visiting the 50SMA again. Buy the first, sell the second. Avoiding this for now until after earnings. Lost the lows of last weeks doji showed last week. Earnings coming up so will assess after.
IOT Weekly-Main growth stock watching as builds under $20.22 now. If market pulls back like to see it chop. If market supports this main name watching.
