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Technology:
-> "AMD is in its Optimal Buying Range" (+8%)
-> "NVDA is in its Optimal Buying Range" (+12.6%)
-> "MSFT is in its Optimal Buying Range"
-> "AMZN is Hott [+3.7%]"
-> "FB is Hott [+3.5%]"
-> "ADBE is Hot [+2.8%]"
-> "TSLA is Hot"
-> "NFLX is Hot [+2.9%]"
-> "AMD is Hot"
-> "AMAT is Cold [+0.17%]"
-> "SOXX is Cold"
-> "INTC is in its optimal SELL range" (-0.61%) [Might Not Matter, but on Watch]
Levels to Watch:
QQQ: Ideally needs to hold over the 21SMA in order to continue it's uptrend. $311/$312 is a significant area of support. A dip below $309.5 can bring us to $306.6; Over $314.3 can bring us to $316. Currently seems as though Tech is in a very sedated uptrend. Consolidating but slowly rising higher. ($308.3 is also a level to watch, but not as important as the others.) If we break and close under the 21SMA it could technically bring us down to the 50SMA on the daily down near $303.44 currently. It is very Important that we hold the uptrend channel we are in and the 21sma. We can break under it for a day, but more than that and it could get ugly.
AMD: Supports Below at $86.81 and $85.56; Ideally needs to close over $91 in order to get even slightly bullish. This stock is in optimal buying range; however, the current trajectory seems as though there is some more downside before this thing finds support. If AMD finds support at $86.81 that would be a pretty strong indication that it can bounce. AMD has earnings on next Tuesday, 1/26. Under $85.5 and we can see $82.50. My Ideal long entry would be close at $91 and exit on a break of $90.
NVDA: Still trading in its range from $514 to $546 in which it has spent the vast majority of the past 9 weeks trading in. Under $490 can quickly bring us down to $477 then $470. Great shorting opportunity under $490. Great buying opportunity over $547. Levels to watch in current trading range: $514, $537, $546.
MSFT: Barely in its uptrend channel still. Needs to break over $215 to re-enter its uptrend channel. Over $217.3 can see $219/$220. Over $220 would be a great entry point to go long as we could quickly see $223.8/$225. Levels above at $227/$229/$230/$232.
FB: Ideally wants to break over $256 and close over that level. It bounced off of its 200sma on Friday, so it really needs to gain some momentum in the coming days. Under $245 could bode poorly and under $240 will quickly bring us down to $232.7. Over $260 can quickly bring us to $266.
INTC: Under $57 could bring us down to $56. Under $55.80 can bring us down to $54.5. Big gap fill from $56.90 to $53.85. Earnings are on Thursday 1/21.
Tech Summary: The tech sector is at a crucial point. Many big names are at levels that they need to hold in order to show strength. One day below these major levels would be ok, but more than that may be a sign of more weakness to come. The fact that many of these stocks are in good ranges to buy signifies to me that they could definitely bounce. However, with a changing of presidents, there could be some sort of sector rotation in process that still isn't over. A bounce on Tuesday would be a great start for Tech. This week I will be trying to focus on stocks with much easier to distinguish trends. Tech stocks are not among them. However, I think this analysis is important; because if these majors levels break in these big names, big tech could take the whole market down with it, in which case SPY/QQQ puts will be big money makers.
(AAPL needs to hold its 50SMA; AMZN 200SMA; FB 200SMA; GOOGL $1690)
Finance:
-> "BAC is in its Optimal Buying Range"
-> "EQR is in its Optimal Buying Range" (Over $63.50 could be quite bullish)
-> "PNC is in its Optimal Buying Range"
-> "XLF is Hot"
-> "JPM is Hot"
-> "ICE is Cold"
-> "COF is Cold”
-> "MA is Cold"
-> "MS is in its Optimal Selling Range"
Finance Summary: BAC has earnings on Tuesday before Market Open. Earnings can be quite a large catalyst for an entire sector. JPM earnings were absolutely phenomenal, however, the stock went down which can sometimes be a bad indication. This could simply be because the entire finance sector has somewhat gotten ahead of itself. JPM under $135 could potential pullback to $130. BAC under $32.50 could potentially pullback to $31. XLF Under $30.60 could potentially bring XLF down to $30/$29.8. I am not particularly bullish or bearish on finance, however, I do believe the sector needs to pull back before making any meaningful moves higher.
Oil:
-> "BP is in its Optimal Buying Range"
-> "PSX is Hot"
-> "CVX is in its Optimal Sell Range (-0.30%)"
-> "CSL is in its Optimal Sell Range"
-> "MUR is in its Optimal Sell Range"
Finance Summary: Inconclusive, but leaning bearish. XLE under $42 can easily see $40.63 would be a about a 3% or so drop.
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