overbought and yet still major uptrend

ES and NQ had a mild dip yesterday and recover to new highs. Today we are gapping down into very short term support. I will be keying off of the banks and FANG. Aapl is continuing its move above 200, FB is up premarket and AMZN is down small. FB might test the 178 prior pivot high. AMZN high yesterday was 1850.50 with room to 1873. Watch 1825 area (yl) and 1813. NFLX has been lagging badly lately 349.2 is key support with pivot high of 373.41. Overall the indexes are overbought so back n forth can be expected. However, the overall trend is clearly up and strong.

TELLS

IWM – got above the 157 area for 2 days with the year high above of 159.5. Needs to hold 156 area. The russel has been lagging on this move up.

XLF – has a pivot high of 26.7 and support at 8 day around 26.27. To me this needs to hold.

SMH – this is leading near year high. The all time high is not far away at 114.55

XLK – has been hanging out at all time highs. A good area of support is 75.11.

IYT – transports continue to act well. Support is around 190.7

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s