Short Term Extended with Developing Weeklies
After a strong few days run stocks are mostly short term extended from their buy areas or moving averages. Others are extended while still remaining inside of developing patterns and continuing to set up key pivots. The FOMC is Wednesday. We will see how the market reacts. Some consolidation or slight pullback to base/chop out some of these setups to start the week would be ideal.
TNX Weekly-Have shown the monthly many times and it seems like the bigger picture in rates has turned higher. 3.4 a support level short term in this little pennant pattern. The move higher in rates has been a negative for stocks. With 25 basis point hikes priced in to me want to see if the market reacts as much to rates. No idea.
QQQ Weekly- extended on daily chart short term. After holding a higher low trying to make its first higher high in an attempt to turn the trend on the indexes. The 50 Week SMA is right overhead and has resisted price this entire bear market.
IWM Weekly- real opportunity over the next week or two for small caps to push this horizontal spot.
RSP-The SPX 500 looks the worst to me here on the daily. However, the equal weight has actually already closed above its resistance level. Needs follow through.
AAPL Weekly- major market stock with earnings this week. With the push back through the magic line I am treating AAPL as being in this large descending channel. If we can follow through on the trendline we have the 50 Week to take out above.
TSLA Weekly-snapping back to the 10 week as expected with its extension. Strong reaction to its earnings report and pushing higher with volume. Have 200 area as the first key level and then the 50 Week and that descending trendline around 235-245ish roughly.
TSLA Daily-126 volume was the first key spot, then 137, and ignited on earnings. We re-confirmed higher on the earnings day. Treating as in an up cycle and between the EMA Crossback and Base n Break phase. 200 Level and that 200SMA/50Week trendline on radar for me.
CRDO Weekly-blasting higher on volume this week. Resting nicely to finish the week.
STM Weekly- big gap higher on its earnings report. Looks good for higher prices. Hopefully this report is a good sign for ON ALGM earnings reports coming this week.
ALGM Weekly- clearing the daily cup n handle but it is all about earnings Tuesday. Think they come in good. Like the theme, website, overall sector. Worth reviewing.
NVDA Weekly- strong break higher through the inverted head n shoulders neckline. Three strong weeks up has it short term extended but showing no major signs of weakness. Expecting pullbacks to be supported based on this weekly.
PDD Daily-continues to stair step higher with another breakout Thursday. Resting nicely Friday and we will see if it holds and follows through this week.
BIDU Weekly-tell area in BIDU with this large descending trendline. Would be a great sign if it can follow through.
MELI Weekly- short term extended but following through on the trendline breakout with authority. Expect pullbacks to be buyable.
SQ Weekly-following through on resistance this past week. 93 is the next key level in this bottoming pattern.
TMDX Daily- finishing the week right on the highs. continues to march to its own beat and slowly work its way higher since starting this recent uptrend.
TMDX Monthly-makes you feel like this thing could really get going. First stock to bottom and explode higher. Almost 700% off the lows already as the market is putting in its first chance to make a higher high. Have really learned this story.
ARRY Weekly- choppy stock but structurally doing nothing wrong on the weekly. Continues to chop under this 24/24.50 area.
ARHS Weekly- working the right side nicely. Short term extended and would love if some sort of handle developed here. Watching closely.
GLBE Weekly- clearing the big gap/27 resistance level this week as it turns up off the lows. Needs to follow through on this descending trendline.
GTLB Weekly- short term extended. Testing and potentially setting up this weekly 52.50 pivot.
BROS Weekly- taking out the 36 level but far more important is the 39 level and clearing this trendline with major volume.
ABNB Weekly- enormous move off the lows and coming back to the 130 area that has been very important to the stock. Extended on the daily but think the weekly could still be developing. Watching closely.
RBLX Weekly- building a descending channel with a higher low a little over a month ago. Any tighter action here improves the pattern to me but through 38.50.
TOST Weekly-still trades pretty loose on the daily but the weekly structure is clean. Keeping an eye on it.
FLNC-volatile stock. Reports 2/9 with BE. Keeping both of these on list to continue to study/learn as come into their reports. The BE monthly makes me think something bigger could be going on here.
Other Names on Watchlist
SNOW JXN BOX ON CFLT COIN BL PCOR BE FLNC PD Z PI ACLS YOU AEHR STM LTH FROG BIDU FSLR AXON