Index and Sector Breakdown
This video comes from a request in the trading room for a breakdown of a sector and index for the names to keep an eye on in this choppy market.
This video comes from a request in the trading room for a breakdown of a sector and index for the names to keep an eye on in this choppy market.
The indices are in chop and in chop the language is “overbought” and “oversold” and overbought is just overhead…
AAPL is just below the 50 SMA, and with the Nasdaq breaking out, I think AAPL is next on the list. Here is how I’m trading it.
The Nasdaq is poised to breakout, following the breakout above resistance in the S&P as bulls are finally coming out to play. TSLA and NFLX are on deck this week for earnings, along with a host of others, in addition to potential short dated runs into earnings in GOOGL, AAPL, and more. Here is my breakdown.
A number of commodities and currencies are setting up trend trades… and they have ETF alternative options setups as well. Here is what is on my radar.
Does the recent bullish momo in the indices signal a return to the uptrend? I don’t think so, and in fact, it’s looking increasing overbought.
NVDA chart is bullish since we have all of the moving averages on the side of the bulls, however, please be cautious since we are coming up to resistance on the daily.
Let’s do what we do every Friday, and review the core markets and the periphery to see how things are aligned into next week.
From the last video we did we were looking for a 100 point bounce in the SPX, took a bit, but certainly came through. Let’s review the SPY going into next week.