AAPL break out or rejection (neutral)Tech has been all over the place as of late. AAPL is at resistance of downtrend here. A break out and confirming the continuation of bull market or more signs of the start of a bear market post ER.
XLK
HIGH RISK/HIGH REWARD FANG 3x inverse ETF set upThe US market has been volatile of late. This is the risky 3x inverse ETF. Looking for a pull back to sub 40 before a potentially big bounce with the tech stocks showing weakeness
XLK technology. Idea for shorter termLast advance of technology set a new high. The big question is that THE TOP or just the first of 5 up waves to THE TOP. As usual I don't know. In the meantime I think there is a good chance the gaps will be closed. One is at the .62 retraction level. The other at the .78 level. Process your way.
1X bull XLK
2X bull etf: ROM. bear REW
3X bull etf: TECL. bear TECS
MSFT to fall furtherAfter yesterday's 7% pop, MSFT is giving up all those gains, forming a massive bearish engulfing candle on the daily chart. I think we're heading down to $84 at a minimum.
TWTR could fall significantlyShares of TWTR are looking vulnerable after breaking below post-earnings channel. There's an open gap that needs to be resolved, and given broader tech concerns and high valuations, I'm shorting it (again).
Nasdaq RSI Divergence on DailyPublic Service Announcement... Just in case you didn't already see it.
XLK: Diamond Top XLK has had a great run, but it's extended. I'm watching for a quick pullback before continuation. But much will depend on the overall markets. I marked a couple other levels that I'm watching in case we see a more significant breakdown.
Happy Trading,
Charles
Bearish signal from Nasdaq - Testing critical support Double top pattern triggered
Long term bearish signal now depends on how the price will deal with the support zone marked in the chrat
Expect strengthLately we've been seeing out performance vs SPX in tech XLK, financials XLF and consumer discretionary XLY. I think we have no reason not to expect strength in XBI biotech to pick up some steam in the weeks to come.
Relative Performance XLK-SPY-XLPThe XLK has largely erased losses since the correction while the Staples are still underperforming the broad market. SPY is showing strength despite concerns about steel tariffs and with the 10-year yields retracing, I see a higher likelihood of the SPY catching up with XLK than retesting the lows.
Bounce Monday set upWell, at least not all sectors in out right sell mod coming into Monday. There is some hope the accelerated down trend will take a reprieve. I did for get to show XLF and XLB. They both are still lagging other indices. Bottom line XLU, XLK and XLE looking better. XLY, XLI, and XLV ugly. IWM looks best for a trend reversal Monday.
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LVLT similar to AKAM review, new trend potential, 400-450$ areaTake profit and manage remaining amount till 400-450$ area.
Buying the test at AMD for an uptrend continuationtesting previous supply hoping for trend continuation
Three weekly Pinbar patterns inside a weekly PRZXLK just completed its 3rd weekly Pinbar pattern inside the PRZ of the bearish Bat I've mentioned in my previous analysis.
Although there are no clear signs of weakness yet... and we are in the summer...this still should be considered as a warning signal for the bulls
and opportunity for bears.
XLK - TECH WILL MOVELooking for XLK RSI to move back into the bullish trend zone and the high fib level to breach - then maybe AAPL will start to move!!
78% probability trade on XLK (Big Lizard)With an Implied volatility rank at 49 I did a Straddle with no upside risk (Big Lizard) on XLK for $2.12 per contract. Our break even is at $51.88 price and with 50 days to expiration that gives us a 78% probability of profit.
The trade:
Sell 18 AUG 54 Call
Sell 18 AUG 54 PUT
Buy 18 AUG 56 Call
