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Thursday's Market Minute: Tech Stocks Take Off

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Thursday's Market Minute: Tech Stocks Take Off

Nasdaq-100 futures are up almost 5% from Friday’s close, bursting into new all-time highs yesterday as earnings season rolls off to a strong start. From a technical perspective, momentum is shifting upward as the MACD completed a bullish crossover yesterday.

The ADX is at low levels and started turning upward from a trough recently, which suggests the trading environment is starting to show a stronger trend. RSI will be a key technical measure to watch in coming days, as it is trending downward while price continues to make new highs since Dec. 31 – also known as bearish divergence. However, the indicator is now on the verge of snapping into new highs that would also coincide with crossing into the overbought area, so watch out for whether another strong close can push it over the top.

Support levels to remember are the previous highs at 13,125, the 21-day Exponential Moving Average near 12,887, and the Parabolic SAR around 12,745. To the upside, watch the Linear Regression 50% channel upper line close to 13,930.

Photo by Patrick Weissenberger on Unsplash

 

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Posted-In: TD AmeritradeNews Futures Markets

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