Stocks Analysis Using Price Action

Exited the position. NQ is at median and AAPL at potential support that has demand showing up.

 

Neither nasdaq nor AAPL have shown much weakness. QQQ is approaching potential resistance around 105 while AAPL is at the top of TC.

AAPL is showing more strength than the QQQ so I'll stick with QQQ in case price weakens. Indexes in general have been strong so shorting for now is just at the back of my mind and dependent on the onset of weakness.

This is to keep an eye in case the headwinds become heavy. Demand though has been in charge lately and hasn't relented.





QQQ Daily:


Gringo

 

Do you use any of the other most-heavily-weighted stocks in the NDX to enhance your views of the action?

 

I look at AAPL and GOOGL, mainly. One is showing strength and the other is unclear or basing.

 

AMZN is doing reasonably well. The rest, not so much. Which of course will help determine what the NQ does. But it can also invite an unwelcome bias.

 

There can be bias and that's why there are rules for entry. Exiting when price behaves contrary to expectations is a free "Get Out of Jail" card.

 

In that case, I'd expect it via AMT to revisit the bottom of the channel.

 

Are you talking about AMZN or the index in general?

 

The index. If only AMZN and AAPL are strong, it's going to be a tough haul for the index to move higher. Not that the index is joined to the majors at the hip. There are more than ten stocks in the NDX. But they at least act as an anchor if everything else wants to move up and they don't.

 

GOOGL is at the 50% and seems lethargic. I am not trading it but gives the impression of weakness coming back in.



Gringo