Some Ideas Into Next Week
We took out last weeks low on the QQQ and rallied. Candidly, I thought we would break BUT we held. AMZN GOOG look like want to push out of bottoming patterns on the weekly. MSFT AAPL NVDA have consolidated through time with very little to no give back at their respective resistance levels. TSLA NFLX kick off earnings for big tech this week. It seems like more and more tech/growth type names are starting to act positively which is a major positive to me. Semis (in the short term) are a concern and would like to see the IWM take out 179/180. If IWM triggered up it would also be clearing a trendline and would be a huge positive. 170 would be the downside level to hold if it continued to be rejected.
QQQ-Consolidating between 313/321.50 area.
GOOG Weekly-Inside week at this level. If pushes out may run into earnings 4/25.
AMZN Weekly-Descending wedge with a base building under 104/105. Earnings 4/27.
SMH-Semis have been showing relative weakness and have led every move. They are at this rising trendline and the 50SMA. If they could push up off the 50SMA it would be a great sign.
NVDA-If SMH holds this is the leader. Stretched on the weekly but holding the 20EMA. 269 a pivot to watch for follow through. If lost 262 area may need a re-set to 50SMA.
NFLX-Earnings kick off Tuesday afternoon. Resting nicely here and looks good into the report to me. In the crossback position still into earnings.
TSLA-The second of big tech to report Wednesday afternoon. Has been weak and range bound. Currently in a 192x176 short term box around the 20EMA. If could push up before earnings it would have a second higher low inside this large symmetrical triangle.
ONON-Triggered the inside day Friday but closing right on the 30.65 pivot. Watching for follow through off that level.
IOT Weekly-10 Week finally caught up and setting under 20.22.
IOT-Supported at 19 and the 20EMA. 20.22 then 21.50 the next pivots.
DKNG Weekly-Big weekly base building under $21.50.
DKNG-Held the 10EMA on the pullback Friday as sets up under 19.50.20 area.
SMCI-Setting on the hourly under $110.50
AXON-Cup n handle setting. Needs a push through this 225-228 area.
LULU-Tight consolidation post report under 370 area.
UBER-Setting up this 32 area and the descending trendline.