T3 Live

Scott Redler’s Dog Bytes: Bears vs. Tech


Last week, the markets had a nice calculated bounce to bring the Oscillator from -100 to +20. The question is now did we just see the 2022 low or will we digest and rebuild for new highs? Now I’m using SPX 4451 as active support and 4539 as resistance. Some stocks can be held with care which I’m doing, along with range trades for cash flow. I did put on a bit more risk Friday.

AAPL will be interesting. The bears can't growl too loudly if it holds the $170 area. If we have a positive week, there's room to $176.

MSFT is sloppy at times. We can't be too bearish if it stays above $299.97, but it needs time to rebuild and be trusted.

GOOGL will be good for clues and a potential swing long. Some will try to be long vs. $2810. And if tech gets better, this should help lead the way. Getting back above $2900 would help sentiment.

AMZN worked well for us. I netted 100+ points in my call spread. Now I'll see if it can create a new pattern to tactically approach but I'm not in a rush. $3012 is new active support. Pivot resistance is $3224.

NFLX gave a decent tactical move from $395 to $458. On Friday, I focused on the pullback. Some bought it with the Red Dog Reversal at $404. I sold puts for last Friday (which worked) and this Friday.

Positions Disclosure as of 2/7/2022 at 8:40 a.m. ET