Strategist: At This Price, Google Could Lead Market Into A Rally

Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

T3 Trading Group Chief Strategist Scott Redler told Benzinga on Monday that if Google Inc GOOGL rallied above $693, it could "give leadership back towards highs."

Google closed at $694.11. The stock is trading roughly 25 percent below its 52-week high, seen in July.

Before Monday's rally, Redler said Google was "choppy" after earnings. The stock gapped higher from just above $660 to close the following day above $690. Critically, the stock held that gap since then.

Redler also pointed to other names in tech to watch as traders look for the next market move. Amazon.com, Inc. AMZN has traded similar to Google, with a large post-earnings gap and sideways trade since.

Redler is also watching Netflix, Inc. NFLX. Year-to-date, the company has had an "unbelievable move," and if the stock holds $118.50 for some time, it should continue to make new highs.

Conversely, Apple Inc. AAPL could break down, sending ripples through the market. For that stock, Redler said that he is watching the $112 level on the downside and the 200-day moving average, at $125.78, on the upside. A move to the latter could help the market "psychologically."