Some Things for Next Week....
Choppy market but the leading names are still acting healthy. Tracking earnings gappers for setups as planned. The indexes seem like a lot of noise to me right now. Last few days, SPY shakeout, SMH shakeout, IWM shakeout. Maybe they all roll over again but just seems like no follow through to the downside when bears try to sell the market. If we did see follow through down (likely led by the IWM) would have to re-assess. A lot of names show relative strength to the indexes during intra-day pullbacks. The one red flag is the huge breakout in the US dollar, which looks like it will weigh on things like gold, silver, oil, copper, etc. Previously, it was a negative for equities but the environment was much worse previously so we will have to see if that relationship has changed or not.
With how MSFT/AAPL/GOOG trade just seems like will be a tall task to take down the market unless these break their uptrends. If they were to break then will re-assess.
AAPL-Bouncing on the 10 day. Acting well since earnings. 174.25 gets taken out could make next move.
MSFT-Bouncing on the 10 day. Continues to act well and lead this market.
GOOG-Huge breakout this past week. Traded a little inside the Thursday body but looks like a wick play to me. Extended but also showing extreme strength and looks like it wants to trend higher.
US Dollar-Triggering a new uptrend Friday and looks very good to me. This was a negative for stocks last year so will have to assess what effect it has going forward.
AMD- Bull flag with moving averages coming up under-neath. Have shown the weekly and continue to like how it is coming together.
AMD 30 Minute-Pulling back after 15 pt move. Trying to support against 94 level and back above the 5 day. See if it can follow through on Fridays close this week.
UBER 195 Min-No selling volume since breaking out on heavy volume. Needs to get going or it might pullback to the 10 day.
NVDA-Pulling back into the 20EMA area that has supported the stock multiple times. Also into this short term support line. 284.50 is a level to re-claim to start. Earnings May 24th so as get closer to the date more likely to chop to me.
NFLX 30 Minute-Tested resistance and saw some profit taking. If we can build a higher low above the moving averages continues to trend higher. Broke out of a weekly bull flag this past week.
ISRG 30 Minute-Basing right in this area for about four weeks. Relative strength Friday and might be trying to curl out of this pattern.
SHOP-If AMD/NVDA etc have potential flags going to keep an eye on this SHOP. Pulling back on light volume so far.
TSLA-They used the positive news Friday to sell this stock. Unable to fill the gap and the levels of resistance are mounting. If lost 166.50 would trigger a wedge drop short sale. Currently still holding the 10 day but a laggard name. Might just be an avoid.
EXAS-Very strong stock. Worth reviewing.
PGNY-Pulling back into the moving averages on much lighter volume. Bounced into the close Friday. Think a good spot if can follow through.
INTA-Resting nicely. Ideally it will test these moving averages. 43.50 is a level to note.
DUOL-Pulling back on lighter volume. Worth reviewing.
CELH Weekly-Looks like a breakout of a Stage 1 base to me. Like to see it tighten up, let the moving averages catch up, and build a new buy area on the daily chart.
HLIT-Monster snort a few days ago, flagging and looking like it wants to bust out of this huge weekly base.
SE Weekly-With earnings this week a good response could put this back in play if it can push through $90 and out of this bottoming base.
LTH Weeekly-Got shaken out of this Friday but still looks fine. Solid recovery and with some more tightening may set a new buy area.
LYV-Not going to trade this one but big bull snort, 5 days of light volume rest, above 200SMA. If it were to push off decent spot.
BSY-Monster breakout on volume and now pulling back on light volume.
XLE Weekly-With oil teetering on the $70 level it seems like oil stocks are at a do or die weekly trendline with the US dollar turning higher.
Noteworthy Earnings Reports This Week: SE ONON DT DOCS NU HD DE BABA BIDU