Going into the Fed....

We got a little bit ahead of ourselves, pulled back but support held, and now the market followed through higher today. Continue to see positive action with tech shrugging off any and all bad news. I don’t know much about much but I think the risk tomorrow is if the Fed pauses or lowers rates. Expectations seem to be for a 25 bps raise. If we paused it might signal the Fed knows about more issues on the horizon.

Will update the QQQ weekly end of week but taking out that 309 level currently is a good look and would like to close over that Friday even if had some shake/pullback the next few days. We will see where it is Friday. Will post some other Big Cap Tech weeklies end of week too….eg AMZN think potential to be clearing major trendline like saw with AMD few weeks back.

QQQ Daily- Two day pause and now re-confirming price strength through 309 and making a higher high. 5/10/20 EMAs starting to flow higher and should support on dips.

SPY Daily- Bear case would be SPY is coming into 50SMA, descending trendline from the highs, and the top of this bear flag…….when drill into the 65 Min I see strong higher low support areas so would need to change those structural higher lows to turn this back down. The 200SMA is also now support around 393. This triggered a Wedge Pop today. IWM also looks weak but could be a double bottom.

ARKK- “Growth” procy cleared mini-flag pattern and put in a Wedge Pop. Not trading it but the weekly through 41/41.25 would help breadth I would guess.

AAPL- Moving through the 158 area had resisted price previously. At present, looks good for higher prices which will be a boost to the indexes.

TSLA- Cleared the 186.50 Wedge Pop buy area with strong volume. Into this trendline now. Love to see it set another buy area for a chance to add. Will show weekly this weekend. Think this is now set up exact same as NVDA in January as was looking for. We needed that higher low on the weekly and hoping we got it.

NVDA- Near the top of the channel so a few days rest would not be surprising but very strong and looks set for higher prices in time. Held 20, then 10, then 5EMA. Strong action.

MSFT- Cup n handle heading into tomorrow. Clears this bull flag should see new relative highs. Gap fills at 286.50.

ABNB- Triggered Wedge Pop buy area through 120 today. Like the flagg-ish look on the weekly. Would like to see more volume come into this the next few days.

META- Clearing a short mini flag today. Found support on the 5 day after testing the 20EMA on previous dips. Potential for this to be gaining strength. 204.93 gap resistance then 205.76 pivot high.

AMD- Got a little extended and some short term volatility . Weekly looks great, continues to hold the 5 day. More rest preferred to let 10 day catch up and have alerts set on 10/20 day.

NFLX- Holding a higher low after the bullish counter-attack bar on the lows. Anticipating a Wedge Pop through the 20EMA here….310-312ish area. It’s trying to turn higher off a weekly support line from the lows. Will show this weekend if still intact.

COIN- Total change in character reconfirming price strength confirmation after one day of rest. Worth keeping on watchlist if can put in some sort of handle/flag here under this 87.63 weekly high.

PATH- Clearing this bull flag today. This weeks low held the 3/6 weekly high and like how its building under this 18ish area. Thought this would take longer to setup and still may depending on FOMC reaction but was impressive out the gate today.

SPOT- Basing under $130.

RBLX- Held the 10 day and cleared this flag today. A day or two rest under $45.50 would set it better but worth reviewing for watch list

SE- Continues to hold the 10 day on dips. 81, 81.52 the next levels. Would be more interested in actually buying it with a day or two tightening under these levels.

IOT- Today’s low undercut the earnings gap up day low and backtested the 8/15 weekly bar high. It also shook out the 20EMA. A push up/follow through here into the end of the week or next week and has 1-2-3/bull flag look on the weekly

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