$AAPL Trending in a Rising Bullish Channel. $250 price target Apple stock is currently at its lower channel holding support which coincides to an Elliot Wave 4 for a a potential 137% move to the upside to hit $250 at Wave 5.
XLK
money moving from TECH to healthcare Retail Airlines restaurantsmoney $$ is moving from TECH to healthcare Retail Airlines restaurants
stay away from Boeing company needs a rebirth
Wait till mid / end of october for tech entry
Cleantech & the EurozoneWith a ~32% weighting in Developed European markets, PZD is set to underperform without the help of the Eurozone.
Downside Bias on the Nasdaq too!The downside bias on the Nasdaq is greater and clearer a shown in the other indexes. Remember, that tech stocks led the markets up in a record run. Now, it appears that the reverse is also true, leading the downward pressure with commitment.
Technically , the weekly candlestick pattern show a bearish engulfing, followed by a rather filled down candle, forming the three outside down pattern, and suggests more downside to follow. The MACD had crossed down supporting this view.
Target of 9600 by end October with a check at about 10400.
XLK Bullish Channel Holds for Tech The channel provided good support, actual first test of the bottom end of the channel since the low in March. Tech took a brutal beating last week with a disgusting weekly candle. However, the recovery this week has been extremely strong. Until the channel breaks, there should be some expectation of a bullish move to the upside. Only if the channel breaks would there be a break from the overall bull trend and a possible larger correction to the downside. If that takes place, then I expect at least the gap to be filled at 110 (red outline box) or even more of a correction to test the February 20 highs.
On the hourly, a clear bullish RSI divergence played out, making the price action look somewhat like a wedge breakout. But then resistance was found today at a parallel level to the recent lower lows, so now lower highs which means short term bearish. If a higher high can be set and a S/R flip accomplished, see below, then it would be a good spot for a call play to retest just short of the highs.
Game plan is seen in the hourly chart below.
BKX- Banks are strugglingBanks are raising the reserve lvl in anticipation of the rising loan default. Facing weaker loan demand, banks tightened standards across all categories of residential real estate (RRE) loans and across all three consumer loan categories. In addition, banks also tightened their standards and terms on commercial and industrial (C&I) loans to firms of all sizes.
XLK (+11.82%) & XLU (-1.45%) [Hold) for Sept 1, 2020Holding both XLK and XLU from my original entries given on my channel--linked below.
AAPL $150 PRICE TARGET BY OCTOBERIf trendline holds then AAPL is conservatively on track to 150 in a month
Buffet indicator- The world of growth stocksYes, the stock market is overheated judging by all valuation metrics.
For those of us who don't want to jump the gun and want to stay in the trend until it is broken, sector ETFs offer better return than major indexes such as S&P 500 and NASDAQ, but are not as volatile as individual stocks.
According to Goldman Sach, IT and consumer discretionary have risk adjusted return (Sharpe ratio) of 0.9.
Stay safe out there.
American Asset Class Laggers by Industry/Sector for Aug. 2020A comparison of the SPX , NDX, NYA , BKX , & IWM indexes for August wk2 2020.
17:29:46 (UTC)
Sat Aug 8, 2020
Tech vs. (Financials & Energy)Is it Growth versus Value or Tech versus Financials and Energy
EW Tech vs. (EW Financials + EW Energy)
Divergences from Growth vs. Value have been notable in the past
𝗧𝗲𝗰𝗵 𝗨𝗽𝗱𝗮𝘁𝗲: $QQQ Daily. Critical Week AheadCritical week ahead with key earnings and July FOMC. 🐻s needs to stall into FOMC (7/29) for possible drop. Double top, Elliot Wave, divergence and waning momentum all in play. March’s fractal fits well on the chart 🤔
$NDX $NQ_F $XLK $SOX $FB $AMZN $AAPL $MSFT $NFLX $GOOG $TSLA $SPY $SPX $ES_F #ElliottWave #Stocks 📉
XLK EXTREME TOP. IS THE BUBBLE ABOUT TO BURST?This chart shows the ratio between XLK (Technology) and XLF (Financials).
When the chart is going up the the indicator is saying go long technology.
Sideways then equal weighting.
Chart going down then overweight XLF, lighten up on XLK.
It also shows that the current situation is that XLK is at a top. In fact it is significantly above the DOT COM bubble of 2000.
Will XLK reverse from here and XLF start to pick up?
$XLK First Red Day Short IdeaXLK looks really good for new 52 highs but with Dividends being paid out today, looking for a slight pull back to $101s. In a better market environment I would not be Bearish, but I will turn Bullish if breakout above $104.
Tech is a bit overvalued in my opinion, but looks like folks seem okay paying overvalued.
Cycles Eh?Technology vs. Consumer Discretionary
Are we about to see a significant change in the performance of this ratio? CD outperforming wouldn't necessarily spell trouble for the broad market, but is it seriously time to consider being underweight tech?
GoNoGo senses moment of truth for technologyWhat’s next for the technology sector?
Technology has been the leader this year, outperforming the S&P 500 throughout the volatile market reactions to Covid-19.
This week saw the sector fail at prior highs and yesterday’s price bar showed a weakening in the GoNoGo Trend.
Look to the GoNoGo Oscillator at this critical juncture. When in a strong trend, remember, the Oscillator should find support/resistance at the zero line. You can see this throughout the time period.
This is a non subjective level because it means that all momentum is neutral. In a strong uptrend for example, enthusiasm should pick up, and the GoNoGo Oscillator should rally off the zero line helping price make a new leg up.
If the GoNoGo Oscillator cannot stay positive and breaks below zero, then we expect price to struggle and the “Go” trend to really be threatened.
