Another strong session for tech today with $AMZN $NFLX $AAPL and a host of others closing at session highs. The $SPY ETF came down to channel support, previous resistance, before resuming its ascent.
The NASDAQ ETF $QQQ continues to laugh in the face of that defunct head and shoulder set-up. Yes.... another bearish formation bites the dust.
Also notice how strong the action got to the upside once that resistance wall was taken down once and for all.
The final step is a clear break of the $QQQ highs from mid-March.
Note that the $SPY, despite the small cap and $QQQ highs, is still over $10 away from printing new highs.
Financials are partially to blame, with the $XLF etf still struggling to find that positive territory.
I do, however, think there is a nice set-up for a new record high $XLF print into the summer. Which means a move back over $30.
Which also means calls on those $JPM and $GS names at some point in the near future.
Loving that $GME chart. Picked up a few July calls today and putting them in the slow cooker. So far, so good.
Love the move off long term support. Its at the bottom of a 10 year range. Guess what? heavily shorted and a turn around story to boot.
Also $OLED calls. It's ripe for a rally back over $120. I think the long term $OLED story is still intact. The price will follow. A move to $130 is what I see coming. The timing of which has been elusive thus far.
It was another rope a dope for $OLED with a 2% open and then a melt to negative. Production looks to be picking up again as well.
and finally small caps. The clearest breakout of the bunch. Leading the way higher since the Friday before election day in 2016..... $170? higher?