Happy July 4th
Happy July 4th! One of my favorite holidays as we celebrate the greatest country in the world. I hope you enjoy!
Haven’t written one of these in a while as they can take a lot of time but the markets have continued to follow the playbook and march higher. We are seeing more and more names participate with follow through more apparent across the board.
In many of these already but just going to run through some of the core names from a weekly chart perspective. The market continues to act well with the large caps (AAPL, MSFT, etc) consolidating gains as many other smaller-mid cap names are starting to participate and outperform. The “growth” stuff or however you define it seems to be the area of focus currently. With a lot of names in play, I think it is important to stay ultra focused on less than ten names but that is just me. Do what works for you.
QQQ Weekly- Strong move since clearing out of the 5-6 week consolidation in early May. Any type of basing here would be healthy to chop out and build power for further continuation. Individual stock setups are of most importance.
SPY Weekly-Spoke about the 4200 level for months on the SPX Cash. We took that out and the trend is undeniably up for my timeframe. No need to over-complicate it. 4600-4800 area is the first resistance area will be watching.
AAPL Weekly-Already out to all-time highs and getting a little short term stretched….there is nothing wrong with this stock. I see no reason to fight the market as long as this trends higher.
MSFT Weekly- Underperforming since testing the highs. Currently, treating it as a stock consolidating/building a handle as long as it remains above the 10 Week. Will continue to monitor this as a tell in case that changes.
TSLA-Clearing this large descending channel and recently a strong response to the 20 day EMA and with the delivery number beat over the weekend. These recent unfilled gaps=strength. Looks good.
NVDA-Continues to find support at the daily 20EMA on pullbacks. No reason to overcomplicate.
IOT-After a strong move with heavy volume up the right side this is building a weekly bull flag/handle to hopefully push to all-time highs through the 31/31.50 area. 28.50 is a more near-term level at last weeks high.
ABNB-Pushing through 130 area today and holding it into the bell. If we get a weekly close through this enormous level the chances of it continuing up the right side are good to me. This has been about a year in the making so hopefully correct. Time will tell.
DDOG-Building a 5/6 week bull flag under this 100-100.50ish level. NET ZS are others in this software space that could be building power. Looking for a breakout through this area.
PLTR-Building a weekly bull flag after an explosive move off the lows. 15.80 is last weeks high. Any tight sideways action over the next few days could set that up as a continuation pivot.
SMCI-The strongest stock in the market this past year holding the 20 day EMA (daily) since triggering an inside bar in the 227/228 region. Tough to judge the action today on a shortened holiday trading session but as long as holds the 65 Min 21EMA on pullbacks in the short term will treat it as intact and building a new weekly consolidation.
UPST-In week three of a consolidation after an explosive move from 15 to 35. Held the 20EMA daily area on the first pullback and now cupping to set a new daily buy/add area.
U-Three weeks into a new consolidation. This 43 level is an enormous spot. On the cusp of clearing through a year long bottoming pattern. 60 would be the next level of interest if we trigger the developing flag.
UBER-Continues to trend higher since clearing the $35 area on earnings. Pulling back to the daily 20EMA level which has provided support on pullbacks. Worth reviewing.
ENVX-Exploding on heavy volume last week and officially clearing this weekly descending trendline. A very high upside story if this company can hit the targets it outlined a few months ago. Worth watching on pullbacks or future consolidations.
COIN-Large weekly inverse head and shoulders pattern. Short term extended so needs a daily pullback or new pattern for me to get involved. In the bitcoin space, it is the only stock I really view as a real company. The one downside is it is a commodity backed name so will be affected by the underlying moves in crypto. MSTR is also clearing a huge weekly level.
MBLY Weekly-This doesn’t fit my criteria yet but did trigger a daily buy area today. Like the story here, it is now through its lockup, and I will continue to track it over the next few weeks/months