The NQ is making new all time highs. SMH, XLK have lead the way. Will IBB, and FANG join? QCOMS massive 20% move is a big plus being the 25 largest component of the NDX. The ES is just shy of its all time high and is lagging slightly which is something to watch.
I am open that today there might be reversal and profit taking. I will be watching the ES in relation to the NQ for a clue. The NQ already reached and surpassed by 1st upside target with 7719 above. ( refer to my charts). Also, the IWM continues to lag. It had an inside day yesterday. I want to see if it can get above 158.10 area and hold and possibly test the year high of 159.5. If it breaks 156.5 could become a problem for the market overall.
TELLS
IWM – mentioned prior
CL and XLE . Crude number is at 10;30 today and already its near the year high of 64.79. I will be watching the XLE to see if it can catch a bid and get above 68.4 or a break of 67.16.
XLF- MS is up premarket on earnings. The XLF made a new year high and is testing the 27.52 pivot above. There is still plenty of room up to 29.07 .
SMH – made a new all time high
XLK – new all time high … mosnter
AAPL – 202.85?
FB- 180.5?
AMZN moving up well. Lots of room to 2050.
Be flexible and take trades
BalsamTrades 