the usual suspects. short term ideas.

NOTE: The charts below are all 30-min candles.

$SPY great squeeze higher on friday off the NFP number. I do think its overall bullish however in the short term I do not thing its sustainable. Any moderate to large gap ups on Monday I will be aggressively searching for short setups for a trade. I do not believe this is a breakaway gap.

$AAPL overall I still like this name to the long side but I think it might need some digestion up here. I did not love the performance on Friday but with opex who knows how true the price action really was (and it really wasn’t THAT bad). That said I do think we can pullback here especially if the market takes a break early next week. The bulls need to hang onto 430-435 zone if they want to keep momo in this name. I’ll be stalking dips into the low 440s and 430s for possible long entry for a swing second leg up on the daily. If we decide to open higher on Monday I’ll be daytrading moves above 452 to the long side.

$GOOG completed latest measured move right into the all time highs at 844. A clear market leader, that still looks very good. I would expect new highs to come but after a $25 two day move I would love to see some sideways consolidation at these levels before pushing through these highs. Great trading vehicle on multiple timeframes.

$NFLX 6th day contained within an 8ish dollar range. Had a slight breach below the lower end of the range on Thursday but the bulls quickly stepped in and saved it. Until there is a clear change of character in this chart, trust in the range to hold until it doesn’t.

$FB positive reaction after earnings accelerated the previous bullish channel even steeper. Slightly concerning to see a pullback of this magnitude on friday in a tape so strong but I wouldn’t read too much into it just yet. No idea what kind of options shenanigans could be at work on earnings opex. If the bulls can hold this gap at 28 it should begin to carve out a range to begin assault on the 30 handle. Otherwise a close below 28 would signal to me it needs more time.

$AMZN definitely some buyers down at these levels that aren’t leaving this for dead. A nice $15 pop in the past two days off the lows. In my last update I said I needed to see more time to base before I was interested in the long side and we’re getting just that. One more pullback perhaps to the low 250s would get me interested to the long side for some sort of measured move out of what could be an inverted. If it decides to just run from the open on Monday you could use fridays highs as your trigger long for momo day trade.

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Evan Medeiros

Evan is the founder of the Trade Risk. With 25 years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

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