Weekly Chart Analysis & Trade Ideas – 13.06.2017

 

 

As we see in charts of $QQQ and $SPY we have broken all time high with $DIA as leader last week. But on Friday (june 9) when markets had a significant move down we have seen that $DIA had a green day, from this reason we can say that now, $DIA, is the strongest segment in the market. Maybe we see a rotation of capital out from NASDAQ (growth companies) to $DIA if $QQQ will continue to underperform $SPY and $DIA.

$SPY : 

The prior pivots for this week are $245.01 and $242 . As long as SPY holds $242 stay bullish and watch for follow through to clear all time high.

spyD1

$QQQ : 

The prior pivots for this week are $143.90 and $137.48 . If bears want to continue they need to step in somewhere around $142 or $140.85 making a new downmove to $136. If they fail we may see new all time hi.

qqqD1

$DIA : 

The prior pivot for this week is $211.25 . As long as DIA holds $211.25 stay bullish and watch for follow through, but be patient if move will be too fast because we can enter overbouth zone somewhere around $214-$215.

diaD1

 

 

 

02/27 – 03/03 Technology

qqq-25-02     xlk

The technology sector has proven to be one of the strongest since post Trump election, only showing little weakness with stocks like NVDA, TSLA and BIDU dropping down last week after earnings . However, there are many other stocks like AAPL and FB that are doing very well. The prior pivots for trading this week is $130.70 and $129.38 on QQQ ($52.65$52.17 for XLK)  which are also the highs and lows on weekly chart of the last week. As long as QQQ hold $129.38, stay bullish and watch for follow through to clear $130.70 level. If bears build up power and broke $129.38, see if they hold and watch for follow through to $127.72 level.

But in spite of this, we are little extended so we need to be patient trading tech stocks. In case of gapping up on monday above $130.70 level or in another day after clearing this level, we may see a move down in that day as we move in overbought area.

Strong stocks : 

FB, AAPL, BABA,  AMZN, GOOGL or GOOG .

Weak stocks :

NVDA, TSLA, BIDU .