The uptrend in $AAPL is losing steam based on the last two days of price and volume action. A break of Thursday’s low could spark some profit-taking and put pressure on the Nasdaq.
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Although the Nasdaq Composite, Nasdaq 100, and S&P 500 remain near highs, the action under the hood is cause for concern as there were 41 stocks down 3% or more on a list of roughly 120 stocks. Leadership has narrowed to just a few big cap tech stocks pushing higher, which isn’t a positive sign for the current rally.
Is the Nasdaq running out of gas?
$HYRE bounced off the 10-week moving average on a weekly chart last week and reclaimed the 10 and 20-day EMAs. The tight price action on light volume could spark some buying interest on a move through the three-day high.
$AMZN is in chop mode right now but should be monitored for a pullback entry. One could set a buy limit order at/near the 10-day EMA wherever the average opens on Tuesday morning. The stop should be about 2% below the entry. This is not an official setup for now.
$ROKU is also forming a handle above the rising 20-day EMA. A slight pullback could serve as a lower-risk entry point to put on a starter position with the handle high serving as the standard buy point.
The lower eps rating of 69 is offset by the huge quarterly sales growth. The B+ a/d rating is solid and the u/d volume ratio is very good at 1.4.
This is not an official setup.
$LSPD – buy at 82.81 or pullback to 81.00 (reversal off 20-day EMA in strong uptrend)
$NTRA – buy on pullback to 10ema around 115.50 (bullish reversal back thru 50ma)
Still watching – $BILL $UPWK $ROKU $PGNY $RBLX
$LSPD hasn’t followed through as expected the past few weeks after breaking out to new highs in June. A break of Wednesday’s low could lead to further weakness. Note the new stop in place.
Energy ETF $XLE is in danger of losing the 50-day MA.
The model portfolio stopped out of $ZS last week but we continue to monitor the action for a low-risk entry. We’d like to see a bit more sideways action and a touch of the 20-day EMA as the current pullback is a bit steep.
$INMD – buy at 95,52
$BNTX – buy at 228.00
$BILL – buy small size if price opens above 181 and holds. Add over Thursday’s high.
$TMDX – buy at 34.42
$SHOP – buy at 1,472 or 1,480.00
