4hr chart I see a bat type pattern, and im looking for a retrace to C leg of this pattern . Money flow has peaked on the 4hr time frame and there is a clear rejection from D leg, and currently (B) leg of this bat pattern is acting as resistances. I have puts 30 days out at the $138 strike
135 is tough so I think they'll hold it until the CPI tuesday... if we break below 135 that will be a double top to close gap at 124.73
Weekly selling pressure increased with a bearish engulfing finish..
This will have a huge impact on Apple and MSFT.. and if the 2 biggest stocks on the market dump 🍿
Falling wedge here... you can see it on also on Apple and msft..
The funny thing about this situation is if you remove the trendlines and drop down to a 15min time frame you'll see a bearish H&S..
What this means is if we gap up you have a falling wedge, if we gap down you have a H&S..
If this does breakout Apple will test 157
Msft 164
Can't break over resistance here. Pullback to 135 is coming. Look at the price action of last 2 weeks and look at MSFT and Apple chart, Same thing.
MACD just crossed bearish, last 3 times this has happen XLK has had a nasty sell off.
RSI is rolling over
If we bounce at 135 and rally we will see apple at 164 and MSFT at 300.
If we break below 135 ... things...
I bought this last week in my longer term investment account. Tech has been strong since early January and has suffered in this bear market. I've added again today to bring this up to 1/2 size position. See notes on chart. $SOXX has a similar looking chart and I opened a 1/4 size position in that today in the same account. Ideas, not investing / trading advice.
XLK Tech sector ETF, broke the 200 day moving Average downtrend, does this marks the end of the downtrend, and start of a new Bull run?
To answer this question we will have to see how this trends in weeks ahead
Tech growth is still slowing
Higher multiples are difficult to justify
Decided to chart this sector as it is the biggest sector in the spy and its also a big reason we haven't went down yet..
Showing a rising wedge similar to Spy and QQQ.. looking for a correction to kick off that will greatly effect the 2 stocks mentioned above..
Target 125
CHART DISPLAYS LAST 30 DAYS
Utilities ($XLU) outperforming the broader market as represented by ($SPY) and growth oriented, tech based, sub-sector ($XLK) over the last 30 days.
This has a correlation with an increased 'potential' for instances of heightened, near term (2 to 4 weeks) market volatility.
During the recent selloff we can see that the 'bids' did...
Neutral until broken.
Price is trying to break the resistance line today.
Top 10 Holdings
Apple Inc
23.98%
Microsoft Corp
21.00%
Visa Inc Class A
4.11%
NVIDIA Corp
4.10%
Mastercard Inc Class A
3.40%
Broadcom Inc
2.30%
Cisco Systems Inc
2.28%
Accenture PLC Class A
2.18%
Salesforce Inc
1.96%
Adobe Inc
Order SELL XLK ARCA Stop 124.64 LMT 124.64 will be automatically canceled at 20230401 01:00:00 EST
XLK daily evening star reversal at .38 fibonacci retracement wave 3 of wave C correction.
I have a short term target of $130.00, after buyers stepped in and bought D leg of the bullish Cypher. Price action needs to clear C leg of the ABCD pattern, which would lead to a higher price action to C leg of the ABCD pattern.
Disclosure: I have calls on $tecl (3x technology bull)
In my last post , I warned you guys we were at resistance.
Falling window candle stick pattern.
I highlighted with the white arrow to show you previous Falling window.. expect some lower lows from Apple and MSFT
This sector is the biggest in the S&P.. Msft and Apple represent 50% of the weight in this sector.
Fridays rally pushed us up right against channel resistance again.
Apple got rejected at its 200 daily sma.
Minor possible bear flag showing in yellow.
