As expected, Tuesday and Wednesday were rangebound in the index’s, but there were still some really nice movers under the tape! SQ was on our watchlist yesterday and it ran straight out the gate. I missed the entry at 240 and it ran to 249.90 (250 magnet). FDX floundered but none of us took that one, it’s actually setting up again nicely as it held some key levels. TSLA is still coiling up for its next leg up. In March during the pullback we saw, I sent an alert out to our Discord community that TSLA at 575 was probably a solid long term buy zone. It has (so far) held that zone nicely.
Today and Friday I’d expect some more movement in the index’s which will fuel some nice rally’s across the board. Keep in mind in a bullish environment it’s easy to feel inadequte when everything is running – there’s no way to catch every single play – because lots of these names have very very similar charts. For a quick example, look at SQ and TWTR – identical patterns, moving averages, etc. So my point is focus in on a few names that you feel comfortable with. Money rotation flowing back into Tech is now confirmed, as we forecasted accurately end of March. (I do recommend if you’re new) to scroll back into the previous watchlists and see how we got where we are now.
Let’s take a look at the index’s and then into some stock specific charts.
QQQ – within a stone’s throw away from ALL TIME HIGHS….. this is being led by the TOP 10 holdings which are posted within this chart notes. Please note: when QQQ is strong all your tech names should be outperforming. Which is why I mention not to get FOMO (Fear of Missing Out). If you want to play the entire basket, then QQQ would be ideal. Otherwise, focus on a few names within the Top 10 holdings.
SQ – had her on the watchlist yesterday because we were going over charts on our 9Pm call Tuesday and this one stood out to us. Here’s how she looks now. It went STRAIGHT into the yellow trendline, above it, then pulled back to close slightly above it. Just absolutely magical stuff. This is very bullish for SQ and high conviction setup for a gap fill above. Expect 250 to serve as support moving forward and that’ll open up continued run towards the gap fill.
DIS – we were green on this one Tuesday, then Wednesday saw weakness with a break below. NOT IDEAL scenario here. I’m putting this on watch since a few of us are in the swing. We need this to hold 187 or else lower. See notes in chart
TSLA – we nailed her overnight from the long weekend Thursday into Monday gap up and sold immediately at opening highs. Since then I have been trying to trade it and have gotten chopped up in the consolidation/downside. She’s still coiling up here above the 20SMA which looks good for higher.
FDX – still worth keeping an eye on IMO