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Scott Redler’s Dog Bytes: FAANG Under Pressure

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SPX futures are -15 but off the overnight lows. See if it reclaims 4381 to relieve pressure or if sellers push down towards the 4335 area. Strength has been sold since the Red Dog Reversal at 4593 on April 5.

TSLA lost super special status on the Red Dog Reversal at $1150. Then it failed to hold the $1115 area. It made a low of $973 last week which is our new point of reference. It reports Wednesday. It’s up $10 on news the Shanghai Factory is back online. But it’s below the $1012-$1026 resistance area. It’s not a great setup. If it goes red it would be bad for the sentiment. $973 will be key.

AMZN is tricky after it gave us a nice move from $2940 to $3400+. Then it lost special status like most tech names. Now it needs to hold $2992 support. Otherwise, it can be pressured more. It reports April 28.

AAPL went red fast on Thursday, giving some clues to take risk down. It closed on the lows of the day. It's below all the moving averages and just a tactical trade. Maybe it goes red to green if it can reclaim $165.05. I’d take trades though. It reports April 28.

Positions Disclosure as of 4/18/2022 at 8:38 a.m. ET