5 Tech Names to Watch
SPX futures are -14ish as we see if Friday’s lows hold.
Bank earnings are on Friday.
Tech has been the place to be and we'll see if that continues.
On Friday, the index held the 8 day, giving us 4069 to be long against. We can't get too bearish if that holds. 4133 is pivot resistance.
SPY hit a high of $411.92 last week and held the 8 day Friday with a low of $405.68 to use. Maybe we will digest to create a bull flag pattern for higher prices. So far there has been decent digestion from the move we saw in March. As long as Friday's low holds, we can't get too bearish.
Tech still acts best. We'll see if that continues. On Friday, QQQ held the 8 day with a low at $312.82ish. As long as that holds, we can't get too bearish. $318.55 is pivot resistance then $321.68 is the bigger spot.
Now let's dig into some tech names:
AAPL was a great swing trade for many from $153ish up to $166.84. It hit the bigger downtrend line. On Friday it held the $161 area. There is some news that handset softness is taking place around the world. See if it matters. We'll see if there's a 5-15-30 minute low to trade against
MSFT continues to reward dip buyers. Some swing traders are long from the $255 area. Others bought again Friday as it held the 8 day and showed relative strength. We'll see how it acts this week for active cash flow. I'd think as long as $288ish holds, some will stay long.
META has been a big cap tech leader for most of 2023 as it's been above the 8/21day for weeks/months with multiple setups for cash flow. On Friday it held the 8 day and closed well. We'll see how it acts this week. Use $208-$209 as key active support.
GOOGL changed character In early March as it cleared the $97 area. It’s sort of had “Go To” status since then. It performed best while I was on vacation last week. Now we see if it holds the $106ish area to stay special.
TSLA hit a high of $207.79 before my trip. This is why I only take options into binary events like the delivery number which missed. I sold my stock well, but lost on the call spread. Friday's low was $179.74. See if it holds that. It's not special — just a tactical trade here and there for cash flow.
Scott Redler Positions Disclosure as of 2023-04-10 at 9:26 AM
Scott was long AMZN, GOOGL, MSFT, PLTR, QQQ, BBIO calls, MGM puts