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Technology:
-> "NVDA is in its Optimal Buying Range" (Avg 13% gain in 1-mo)
-> "MSFT is in its Optimal Buying Range"
-> "MA is in its Optimal Buying Range"
-> "AMZN is Hott [+3.7%]"
-> "FB is Hott [+3.5%]"
-> "ADBE is Hot [+2.8%]"
-> "NFLX is Hot [+2.9%]"
-> "AMAT is Cold [+0.17%]"
-> "SOXX is Cold"
-> "GOOGL is Cold [+0.5%]"
Levels to Watch:
QQQ: $315 is a Major Support Level to watch. We must maintain this level in order to stay bullish. $314 is another significant support level. I am new to Fibonacci levels but my current levels are showing that we could hit $323.47 then $334.31. I don't think $334.31 is even remotely possible this week, but I do think $323.47 is easily achievable. Once we hit $323.47, I would like to see a pullback to $320.
NVDA: Over $540 will see $545. Over $547 and we can quickly see $550. Over $551 will be a huge breakout for NVDA. It should quickly go to $565 once it gets over $551 with some momentum. Some levels we could see resistance at. $551, $560, $565, $570, $572, $583.
MA: Over $355 can go to $359.52. Over $360 should see $366.
Tech Summary: How much steam does tech have left? I really don't have a clue. As long as QQQ stays over $315 that is quite bullish. We could run up for a couple days to around $325 but then we will need to pullback or consolidate a bit. Sometimes, the market does tend to get ahead of itself though, especially in this environment. From a statistical standpoint; QQQ and XLK are not that overextended yet and could go vertical before getting to a point where they NEED to pullback. This happened in January of 2018 where QQQ ran extremely hard before tanking and then recovering. If this January is anything like that January there will be a lot of money for savvy traders to make. QQQ has had massive moves quite often in the past few years. In August, October and November, the QQQ had unprecedented moves. So it is hard to predict how much this beast can move or if it will. The market is impossible to predict perfectly so all we can do is manage risk and do our best to secure some great profits and get in on some great moves!
Finance:
-> "BAC is in its Optimal Buying Range"
-> "XLF is Hot"
-> "ICE is Cold"
-> "COF is Cold"
-> "BLK is in its Optimal Selling Range"
-> "MS is in its Optimal Selling Range"
Finance Summary: Lots of financial companies are having their earnings in the coming weeks. Right now I feel the entire sector has sort of gotten ahead of itself. A lot of companies are either 3 standard deviations from the mean or more. XLF is currently at a major resistance at about $31.09. In my opinion; XLF should pullback to about $30 before continuing higher. It would be much "healthier" of a move if finance pulls back before it continues higher. Last week, in the beginning was the time to swing finance, now it is quite extended.
Oil:
-> "BP is in its Optimal Buying Range"
-> "PSX is Hot"
-> "KMI is Hot"
-> "XOM is Cold"
-> "WMB is Cold (-2.1%)"
-> "CVX is in its Optimal Sell Range (-0.30%)"
Oil Summary: The "Anna Molly" analysis on Oil is inconclusive. I cannot make any strong conclusions about oil from this data. XLE was in optimal buying range last Monday; and that would have been the time to buy. If XLE pulls back it may go back into it's "Optimal Buying Range," however, right now it is not statistically poised to kill it.
Note: If VIX breaks under $19.50; it could cause a short term melt up in the markets until VIX hits about $15 which is where we would have a slight pullback in the market. If QQQ breaks under $314 it could pullback to $310 and will most likely pull all tech with it. Ideally, for a bullish scenario; QQQ and SPY needs to hold over $315 and $375 respectively. They can dip briefly below these levels, but they shouldn't close under those levels in an ideally bullish world.
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