Like many growth name ROKU has sold off significantly. The NAS futures are looking weak Sunday night so this may gap down with many other tech names. If it does I'll be watching for a relief bounce out of the green zone. ROKU will completed three drives and be due for a rally.
I posted a chart last night with 3 levels to watch for a relief bounce. The first zone was hit this morning and price reacted nicely offering a quick tradable bounce. The bulls need a follow through of todays price action, but will have to resolve the 12800 level first. As you can see from the chart the 12800 area is an important level. Price bounced off the...
Here is a detailed update the my NAS 100 chart posted yesterday night. Today the bears gained the upper hand and pushed price back down to the lower edge of the neutral zone with the brutal sell off in growth stocks. A move below the neutral zone increased the probability of a deeper correction down the the 886. I've drawn three zones of focus if price is to...
The NAS stalled out at the 55sma today once again after a promising bullish move on Monday. The red box highlights the area of heavy resistance. Coupled with the 55sma there is also the reverse H&S neckline and the 618 FIB. Although many traders are expecting a break higher I believe many are also expecting/waiting for a compound correction. A measured move...
TSLA has formed a rather obvious reverse H&S pattern with an uneven neckline. Many eyes should be on this tomorrow especially given Cathy Wood's new price target of 3K. 700 appears to be the key level to watch. If price is able reclaim that level a push to 740 then 800 would be possible. Currently price sits on the bottom of the neutral zone. If price is unable...
VUZI broke out to new highs to close out the week. I will be looking to buy the first pull back into this green zone. Targets would be the ATH and extensions measured off the pull back. I am not interested in an entry below the green box. If price flushes below the box I will wait for a reclaim of the box before entry. Additional Info: I am an intraday...
I like GRWG above the box or on a pull back to the bottom of the box. It had a fairly wide 7 pt range last week but a strong close on Friday. A break of 56 could yield a move to 58/62/66. Stops would depend on entry. A break below the box would be negative and void the trade idea. Additional Info: I am an intraday scalper and short term swing trader of...
Here's an updated chart going into this week. I wanted to see how the overnight session played out before I posted. Key levels remain the same and price is currently still stuck in the neutral zone meaning sideways action until price breaks above or below. This week is Triple witching and there is an FOMC meeting which means price will likely be choppy. Going...
Here is a monthly chart of the TNX which tracts the 10 year bond yield. Yields have been in a 40 year down trend that started at the parabolic top in 1981. Yields stabilized by 1987 and then started the slow and orderly decline to 2020 within this regression channel. The question everyone has now is whether or not the 40 year bond rally is finally coming to a...
DBX broke out beautifully from a long term base on Friday. I traded it on the breakout Friday morning but closed the trade as I have not been holding much over the weekends. I will be looking to re-enter next week ,however as this has plenty of room to run longer term. If it pulls back right away I would take it off the green zone for a move back up the 618 fib....
AAPL has been caught in a downward channel for a while now but seems to be finding some footing off the 618. It has become a slow moving boring stock but may start to gain some favour as investors start to gravitate to value type names. If price can make its way back up over 122 a push to 126 is likely. After that my next target would be 133. This would be a...
Well that was an underwhelming day after an open that had so much promise. After double bottoming yesterday and making a massive one day move the NAS ran into a brick wall of overhead resistance. The neutral zone was penetrated but could not be breached to the upside leaving price in the bear zone which means side ways to down price action. I've added a couple...
I like MA long on a pull back to the green box or break of the recent high. Very strong today early but suffered some selling later when the indexes retraced. MA should benefit from the re opening theme. They have also recently add Crypto to the mix by saying that they plan to facilitate transactions in BTC. BTC is strong right now so that may be and extra...
NVDA has been taken out to the woodshed recently despite posting solid earnings. Price is more oversold than during the March plunge and eventually people are going to realize that this company actually make money unlike many of the tech names that have been sold off due to ridiculous valuations. Video games not going anywhere, AI is in the early stages, chips...
NVTA has been beat up and thrown to the trash. This despite being one of the strongest names in the genetic revolution space. In a few years everyone will be talking more and more about how ballooning health costs as ever indebted governments struggle to pay the cost of treating the sick. One way to combat ballooning healthcare costs is through smarter care by...
Nice rally on Friday to close out a volatile week.. ES was much stronger than the NAS and has a high chance for some bullish follow through especially if OIL continues it run. The ES is at key resistance right now at top of my neutral box. It has to clear the 618 level and then get through 3900 before the bull run can continue. 3912 is last week's high and has...
Here are the the levels I will be watching on the NAS going into this week. We had a nice bounce on Friday to close out the week, but it is hard to tell whether or not it was just shorts covering before the weekend or actual buyers. The market is full of short term traders now and many were likely short and simply covered going into the weekend. Obviously the...
I like SHOP long if it can take out Fridays high. Price has pull back to re-test the long term range. It also flushed down to the 618 and bounced strongly. Targets on a break of Friday's high would be be the fib retracements. Will require support from the NAS.