Stock Watchlist 23 March 2021

Good morning all! For QQQ we’ve been in a downtrend which started Feb 16th, and it affected tech and momentum stocks the most. During this time, oil, banks, retail and airlines outperformed. In a healthy market, money should be flowing from one sector to another. When we see ALL assets begin falling, that’s a warning. As for now, market is still healthy and in tact.

Recently, there’s been a lot of focus on the 10year yield and it’s impacts on the bond market and growth stocks. We’ve seen the Federal Reserve continuously come out and assure the market that they will “do everything in their power” to keep this market together. Tech has been struggling to lead in the market but we are starting to see signs of this shifting. Oil, banks, airlines and retail are showing some weakness after a big run, which is now seeming to make its way back into tech /NQ.

Let’s get into the stocks to watch today.

TSLA – has been in a stiff downtrend, and now consolidating on the daily chart between the 55EMA and 100EMA. It’s also in between the 8 and 21 EMA’s. So there’s a bit of indecision in this range here whether we break up or down. Seeing last week on Friday it holding 650 level is a good sign for more upside.

Key levels to watch and set alerts on:

For upside: $699.62 (Monday’s high) / $707.92 / $713.18 – over $717.85 should see room to psychological $750

For downside: $668.75 (Monday’s low) / then there’s a gap that was left from Friday into Monday down at $657.23 – watch to see if we fill this gap before going higher? Then Friday’s low of $624.62 is very important to hold for TSLA bulls or we re-open the psychological $600 and $575 / $550 levels.

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