7 Tech Names to Watch
We have mixed-to-mostly green markets to start the week. News that SVB assets are being bought is lifting regional banks and some majors. In Europe, the DAX is +1.3% with the CAC +1.2% and FTSE +0.9%. Asia is mixed.
On Friday, the SPX reclaimed 3909 to close well to get some to cover shorts and balance things out with a few longs. There's a big down trendline in the SPX. If it can get and stay above 4010ish with authority this week, perhaps it opens the door for a surprise rally.
Tech has a lot of constructive patterns. We'll see if the sector stays special to buy dips if the QQQ's hold the 8 day like Friday. Some are long vs. $306 and others are waiting for a high-volume close above $313-$315. Friday's high is $311.
Now let's dig into some individual names:
AAPL was a big focus of ours from $153 to $162+. I bought some back into Friday's weakness. I'll stay in vs. the $157 area and see if it can rebuild to see $162+ in time.
MSFT has had go-to status since the Red Dog Reversal buy around the $247.60 pivot on March 21. It peaked at $283. It seems like it's been setting up again for more upside. I'm long vs. $275 and might add if it can get and stay above $283. It could go towards $294.
META has led tech the past few months. It hit a new 2023 high of $207.88. Buying dips vs. the 8 day continues to work. Some are long vs. $203ish. Others are waiting for a high-volume move to clear $207.88. Be careful because it's a little choppy up here.
TSLA didn't lead this past tech move but it gave opportunities. I did sell mine above $200 from the $178 area. On Friday it held the $187 area. See if it can stay above $192.36 to get a little better today.
GOOGL started acting better as it gave a few entries like $89.42 and then $97ish. Some are long vs. the $103 area. Others are waiting for it to show some power by clearing and holding $106.60, then $108.
ADBE has a nice bull flag if tech wants leaders. Some are long vs. $360. Others are waiting for a high-volume move and hold above $377.40.
CRM continues to act better than most names. Some are long vs. $186. Others are waiting for a high-volume move and close above $191, then $194.
Scott Redler Positions Disclosure as of 2023-03-27 at 7.02.04 AM
