Shortened holiday weeks are generally bullish and this week so far has proven this theory. In addition, we have Q1 in the books. It feels like we’re seeing a hint of rotation back to tech. Normally I’d think this move isn’t “real” but with Earnings season ramping up in a month or so, I expect these tech names to run up into their reports. These are the names so far that have scheduled their earnings release.
Lots of charts are setting up nice, and SPY / DIA index’s sitting at all time highs. QQQ slightly lagging since tech has been out of favor since mid/end of February.
Yesterday I posted a simple TSLA chart with just the downtrend channel (in red) and the 20 Simple Moving Average (SMA). Also noting that Earnings report is May 5th, which could serve as a catalyst. What peaked my interest was how TSLA reacted and bounced off the 591 lows on Tuesday. Today we saw bullish follow through into month end close. Historically, anytime we close above that 20MA, TSLA makes some very powerful moves.
Above 672 opens up 677.80 > 699.62 > 713.18 > 717.85 – above $717 is a big trigger for a larger move to gap fill at 762 – 777 zone (this will likely take a few days if TSLA gets moving)
Below 641.11 opens up 635.62 > 628 > 616.48 > 600 psychological support (least likely scenario for now, but always good to have these alerts set)
FDX still looks strong, so worth keeping on the watchlist. This one is easy, go long over the previous day candle high. Looking for 290 first on the next price wave higher.
Over 288.15 opens up 292.26 > 293.90 > 296.35
Below 284.04 opens up 282.93 > 281.95 > 278.31
BA weekly deserves to be on the watchlist for a longer term swing 2-3 months out. Looks ready for another leg up soon and it could bring us back to the $300 level from last year.