Microsoft saw a big green to red reversal today on heavy volume at the All time highs of the chart. If this bell weather name is finally done trending higher it sure to weigh in on the indices even with the slightest pullback.
MSFT should lift this market higher if it holds above the breakout trendline. We could see a big rally in to tech earnings if economics data comes in positive.
Often MSFT can lead the market. If this stock is breaking out of a daily range it will likely help propel the indices and cloud stocks higher. With the second largest company in the world showing technical strength, one has to sway slightly more bullish. if this breakout fails than one can lean more bearish. As of now this is a bullish move for MSFT
Based on price action I believe the IGV will continue to fall as earnings approach and a continued risk of high inflation we could see some continued selling off of the IGV.
IGV $IGV iShares Expanded Tech Sector Initial Short. TP and SL on chart. Move SL on TP. After TP2, trail with 0.5ATR step and 1.5ATR offset.
Goodluck.
(Opinion only)
ZS has been behaving well inside the uptrend channel drawn. When we touch the upper part of the channel, we see a pullback to the lower segment line. RSI analysis suggests, we have difficulty going above the 70 level, however, the chart remains bullish whenever the RSI has been over the 43 RSI. A break below 40 in the RSI would be short-term bearish. ----->...
APPS is breaking out of its parallel channel; with a 10% move; while the technology keeps going down. I have not seen any news that could create this move today. Intraday volume has been above average by 70%. (tool being patented by Schwab) RSI is oversold, but as we saw earlier, APPS doesn't mind reaching 90 level. Looking for a strong close today to...
We are seeing confluence of support around $120 approximately. Test 1: February high Test 2: Bottom of gap Test 3: 200sma Risk Reward ratio is great, as we can set a stop below the 200sma. RSI is still not oversold on such a drastic down movement.
Zoom Video Communications is making a really cool flag. There is about 20% to get to all time highs. Projected moves aren't made to make a trading plan, but it certainly helps to have them on the background.
FB Do your own DD.
Nothing to be excited about with this rally. Same old empty promises by the administration, buy puts on the way up today and wait for the reversal tomorrow/end of week in my opinion. Disclaimer: I take no responsibility for your losses. Trade at your own risk. QQQ SPX IGV