Our updates
Latest updates
$DIS has been battered and bruised in 2021 but is showing some good relative strength since it formed a rounded bottom earlier this month. We are long the stock and a few call options for the end of January.
Biotechs continue to be one of the worst sectors of 2021 as they got rejected at key resistance level this week. More negative data from 2 companies within this sector brought this ETF back to the yearly lows. See if it can participate in a January effect play
Small caps had a great bounce off the channel lows but are struggling for direction in the past few sessions. A break below 220 would be a big negative for overall market sentiment
$AAPL is struggling to reach its $3 trillion market cap as it got rejected at 180 yesterday. We are long the stock and will look to add if it can get above 182.13, its all time high.
$AMZN continues to be the weakest link of the FAANG type stocks. It is once again approaching its 200EMA around 3350. This may become a January effect stock too given its poor performance in the past 12 months
$AMD and $NVDA have been weaker this week as both stocks touched their 8EMA. See if they can hold above these levels in the last 2 trading days of the year. Keep them on your radar for overall market sentiment.
2021 has been characterized by many analysts as the hardest year to trade given the constant rotation, false breakouts and a plethora of broken stocks. This all occurred while the indices continued their uninterrupted march higher.
This year’s Santa Rally was until now just a bounce off the monthly lows in the main indices, while stocks from all sectors struggled to post new highs and breakout of their channels.
After 2 digestion days in the main indices, it will be interesting to see if the recent flag formations lead to an end of the year rally. A lot of weakness in specific stocks is masked by the $SPY and $QQQ
$AMZN showed good relative strength yesterday. Option volume remains high. See if it can finally close above the moving averages
Futures are currently green building on the afterhours up move. See if we have another inside day before a rally into the end of the year. Our focus will be on $TSLA as Musk announced that he sold more shares yesterday
$QQQ chart – tech continues to play catchup to the overall market. $MSFT, $AAPL and $AMD shine while $AMZN disappoints. For today, $400 is the first support area. For resistance, see if it can get above $405
https://www.tradingview.com/x/z1VRFmX5/
Read more$SPY chart pre-market – new all time high after an impressive 5 day rally. With futures flattish, watch out for any signs of a reversal or pause. Holding above 473 keeps the bulls in control
https://www.tradingview.com/x/f0pb0SIm/
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