Purple lines - weekly channel
White lines - support and resistance of a range
Last week if you paid any attention to what was going on under the hood NDX you'll see that the theory and analogy I made about investors selling "Second tier " stocks and flee to even larger caps in my last post is unfolding right before your eyes. The tech bubble is popping! Friday Surge was literally led by 7 stocks
Avgo
Apple
Adobe
MSFT
Cisco
Oracle
Tesla
If you owned any of the other 93 stocks on the NDX your portfolio might've lost a couple of %.
With that being said it looks like apple will be rallying to 185 this week
MSFT is showing a Inverted H&S on the daily frame.
TSLA has regained its supporting trendline
Cisco Has broken out of a down trend on strong volume
Avgo is at ATH with no slow down in site
There's no way the NDX will pull back if those 5 rally unless the other 95 stocks sell of significantly. We might have another choppy Monday. Tuesday and Wednesday when Powell steals the show we are either going to break out over 16400 via Inverted H&S and head to 16,875. Or rejected at 16400 and back to 15,988. There is a possible double top if we lose 15,988.
I
White lines - support and resistance of a range
Last week if you paid any attention to what was going on under the hood NDX you'll see that the theory and analogy I made about investors selling "Second tier " stocks and flee to even larger caps in my last post is unfolding right before your eyes. The tech bubble is popping! Friday Surge was literally led by 7 stocks
Avgo
Apple
Adobe
MSFT
Cisco
Oracle
Tesla
If you owned any of the other 93 stocks on the NDX your portfolio might've lost a couple of %.
With that being said it looks like apple will be rallying to 185 this week
MSFT is showing a Inverted H&S on the daily frame.
TSLA has regained its supporting trendline
Cisco Has broken out of a down trend on strong volume
Avgo is at ATH with no slow down in site
There's no way the NDX will pull back if those 5 rally unless the other 95 stocks sell of significantly. We might have another choppy Monday. Tuesday and Wednesday when Powell steals the show we are either going to break out over 16400 via Inverted H&S and head to 16,875. Or rejected at 16400 and back to 15,988. There is a possible double top if we lose 15,988.
I
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I forgot to mention , The MFI (Money flow) Is leaning towards being oversold believe it or not. How do you get an oversold situation? That's because the majority of NDX is underperforming which means we could see a relief rally on some of those oversold names
