bulls on the run into america’s birthday
$SPY punching through all time highs and on the grind higher, the bulls march into July with a bang. We had two small gap and go continuation days higher on this holiday shortened week and so here we are again, at new all time closing highs. The uptrend is clearly still in tact on all time frames as we make higher highs and higher lows. The bear case is really non existent at this point until the market starts breaking near term support levels. 196.50 was the breakout level to new all time highs and so as long as price can hang above there I believe long positions can continue to work. Bullish until proven otherwise, no need to complicate things.
$AAPL I talked about 92.50 last week as the level of interest in Apple and the bulls made quick work of that area early in the week. It was enough to get me long for a swing right around 92.90 and I’ll continue to stay with it so long as price can hold above the breakout level (pink line) going forward. Looks good, for a potential retest of the recent post split highs of $95 in the coming weeks if it continues to act well.
$GOOGL another name that continues to be supported and is working well in this market. Google carved out a higher near term support level at 590 this week and made a run for new recent highs into the close on Thursday’s session. Higher lows and higher highs are the definition of a market that you should want to be long. Looks good for higher.
$NFLX large gap and go this week as Netflix took out its previous all time highs and continues to lead technology (and the market) to the upside. Very impressive action over the past couple months as Netflix is still proving all of the doubters that this stock is the real deal. It’s had a powerful move this past week so I wouldn’t hate it if Netflix flagged out a bit here before continuing to the upside and really extending itself. 465 is your near term support going forward and this rocket still looks good.
$AMZN went with a daily chart of Amazon this week to demonstrate this nice bottoming pattern it’s formed over the past several months. A nice inverted head and shoulders as price closed Thursday right into the neckline at 338. I talked about this tight flag (right shoulder) last week as my favorite setup and I got long for a swing as we broke above 328 earlier in the week. If amazon can clear and close above 340 next week it could have a nice run to the upside in front of it during the month of July. Keep this on watch next week for another trigger long entry as I will be using 340 as an add point on my current position.
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