Gap Up Gives a Big Boost to Tech

Updates on GOOGL, AAPL, AMD, QQQ and NVDA trades.

Technical Edge — 

• NYSE Breadth: 67% Upside Volume 

  • Nasdaq Breadth: 33% — the clear laggard

• Advance/Decline: 59% Advance

• VIX: ~$19.25

The VIX has now faded almost 40% from the recent highs, as investors seem less panicked about the banking situation. 

Yesterday’s open saw a lot of selling pressure in tech, where we had several setups outlined (specifically, the QQQ, AAPL, AMD, NVDA & GOOGL). All stocks will be updated below in the individual stock section. 

Let’s look at the S&P, which has been trapped in an ever-tightening range over the last month. 

SPY

Set to open right near this week’s high, the SPY could push up into the $400 region. Will be key to see how it handles this area. I would expect some initial sells.

• Key Pivot: $396.50

• Upside Levels (SPY): $399, $399.75 to $400.50, $402.50, $404-05. 

• Downside Levels (SPY): $396-96.50, $393.75, $392

SPX