7 Tech Names to Watch This Week
SPY keeps playing with levels. Last week it couldn't build on strength and sellers couldn't keep it below levels. We'll see how this week starts. $413.64 is Friday's high. See if it gets and stays above. $414.54 is above. The bears can't growl so loud this week unless we get a hard close below $408.64.
QQQ's hit a high of $327.17 last week as some specific setups worked. The 8 day is key active support. We'll see if this sector can keep getting flows. It needs to hold the $322ish area to stay special.
Now let's dig into 7 tech leaders:
AAPL continues to digest post-earnings. On Friday if felt vulnerable but it held the earnings gap. If you are super active, make sure it holds $170.76-$171 support. If it doesn't, it can get choppier and harder to sit with. $174.59 is key active resistance.
MSFT remains Very Impressive. Whenever you think it gets vulnerable, it holds the 8 day. It needs to hold the $306 area. If that holds, perhaps it tries to get going again with $313 as pivot resistance.
GOOGL was a big focus for us last week. I got big around $107ish and it hit $117.92 Friday. I did sell my stock and switched to some call as it seemed stretched. Loop Capital called it a hold today. Let.s see how it digests. Holding $114.41-$116 would keep momentum.
AMZN was another focus for us. I got pretty big in the $105 area and then sold the rest into the $113+ area last week. Now, we’ll see if it can build a bull flag above $109ish to give us more opportunities.
META is trying to set up again after hitting a high of $244 a few weeks back. Some are long vs. the $229 gap pivot. If it can get and stay above $238, maybe it gets some active momentum back again. Loop Capital raised it this morning.
TSLA couldn't hold the Friday gains even with Elon saying they will have a new Twitter CEO faster than some thought. I did sell most of mine into the $177 gap fill. Then it failed to hold $174 with a low of $166ish. It's flattish this morning. It’s hard to tell what’s next. If it breaks and stays below $166ish, the bears will growl loud. I'm just going to watch it for now.
NVDA is trying to hold the 8 day. This tech market leader can give clues to the week. It needs to hold the $280 area. Otherwise it can see downside. A move above $292ish tells us we can still have some special moves. Friday's high is $287ish.
Scott Redler Positions Disclosure as of 2023-05-15 at 8.26.28 AM
