After keeping an eye on the 50-day simple moving average (SMA) last week, the market has started showing some pops to the upside. We need to be patient as we move forward and see what happens next. We could be setting up for yet another drop or we could see some rises to new highs.
Here is our focus list for the week:
NVDA – Bounced off the daily Ichimoku Cloud and 200-day SMA last week, so now we are looking for a continued push toward 590
GOOGL – The strongest of the tech stocks at the moment. If it breaks through point of control (POC) at 2292, we’ll be watching for a push toward 2331
ROKU – Currently squeezing tight on a 4-hour chart. It has a big 4-hour cloud top to deal with, so we are looking for a push back up toward 340
PYPL – It is forming a nice wedge. Will be watching to see if it’ll work back toward 252, or break down toward 233
TSLA – Reaching critical levels, right near the 200-day SMA. We’re stalking a bounce off 560 back up toward 606, or a breakdown of 560 down toward 539
Stay Focused!