That's Two Thus Far Shooter
If Shooter McGavin was representing the bears via the Russell 2000 he’s currently two putting and feeling the pressure from Happy. Many of the beat-up sectors I was concerned with had their alerts go off near the open Friday. Tech stocks had some normal pullback but were overall very resilient. Then something interesting happened. These beat up sectors started to recover those breakdown levels. Specifically, the regional banks and financials. The regionals were actually the strongest from my perspective. Homebuilders held support and the IYR finished with a bullish engulfing bar. I still have no interest in trading these sectors and they are still a mess. With that said, given how resilient tech was when they were selling, if they stabilize or at least just don’t sell off I like our chances to push for higher prices. Lets see how next week plays out…..
IWM- Thursday they scummed it down on $170 and closed right around the level. Friday they flushed it and then IWM proceeded to outperform and lead higher. The bears could be losing momentum to the downside.
QQQ Weekly- Closed over the $309 level. Through this $313-$315ish area on a closing basis puts in a Weekly higher high and confirming a second, and very defined, higher low since the lows. That would put a significant amount of support below this market to me.
QQQ-Bull flagging for the second time since clearing the descending trendline.
SPY- Undercut the $390 level and recovered putting in another higher low since the washout of this large rising channel pattern. Notice we are now building quite a bit of trade to establish a potential additional higher low from January. Given all the bad news very resilient
NASI-Still trending lower and trading in the red. RSI is very beat up but can stay that way for a while. Want to see it turn black and then clear the 10EMA for confirmation. That signifies smoother sailing for the intermediate term trend. To do that, I think we need some of these other tech-ish names like RBLX SPOT SE GLBE etc to push out and support what we are seeing from big tech. We clear the 10EMA and I will be more interested in trading smaller/mid cap stuff that I have been steering clear of.
MSFT- Double inside. Cup n handle on the 65 Min. Through 281 looking for another move higher.
AAPL- Bull flagging above the 5 day. Not a fast mover but if AAPL heads higher I think this market is headed higher. Lets see if it can push out next week.
TSLA-In the Crossback position. Undercut the $188 level into the Daily 20EMA and found support. Follow through on Friday’s high of $192.36 could further set up the whole number at $200. That will be a key level. Could maybe see a “With Hat” or Shorter Inverted Head n Shoulders under $200 if we could do that.
NVDA 65 MIN-Firming on support into the bell today. Holding the 65 Min 21 EMA and Daily 5 EMA on pullbacks. Worth watching for trades as long as the pattern of higher lows remains intact.
AMD 65 MIN- Extended but worth watching for trades on pullbacks to the 65 Min 21EMA (purple) or the 5 Day (Light blue)
META- Slightly extended but double inside on the Fed Day. Strong stock.
NFLX- Monster volume the last two days. NFLX has led every move in this market. Watching on a down day or slight pullback if we get it.
IOT- The 10 Week should be just about caught up starting next week. $18.40 and back through the 10/20EMA with $19 being the key pivot. $20.22 above that.
AXON-Don’t like how this one trades but clean pattern. Might be worth reviewing.
LNTH-Extended on the weekly but may be worth a trade. Bull flag off the 10 day.
ONON-Explosive earnings gapper. Too extended for now but haven’t seen a growth stock really rock off an earnings report in a long time. Keeping track of this one.
SNOW- More to watch as a tell if short sale ideas are working or not. Four overlapping days with the 20EMA coming down overhead. At the gap down high volume close level at $135. Would love to see this fake down but looks setup short.
