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Scott Redler’s Dog Bytes: Tech Watch


SPX futures are flattish. We’re getting a slow start to the week after the weaker-than-expected jobs data from Friday. The consensus is that the Taper will start December and might be a reduction of $10B instead of $15B. The 9/22 Fed Dot plots will be important.

September is historically a volatile month, but we can't get too bearish if 4513 holds. So remember that level. If the rally wants to continue, 4545 is pivot resistance.

Now let's dig into some key tech names. 

SOXL did a Red Dog Reversal around the $38.58 pivot and stayed special all the way to $49. Last week it digested above $45 to keep its commitment. Some are in vs. that spot.

NVDA led the semis since announcing a stock split. Earnings got it going again through the $209 area. It hit $230.42 before consolidating above $221. On Friday, it turned up and now we’ll see if it tries to clear that high for another move. Be careful adding on strength.

AMD keeps giving us new setups. Friday got me back long vs. $108.50. I'll see if it can get and stay over $111.17 to possibly add.

SNAP started acting better as I re-entered. It's still a bit sloppy so you need to take care with size. I'd like to see it hold the $71.50 area. Perhaps it clears $75-$77 to open the door for higher prices.

PYPL has a nice bull type flag look so I got in Friday. I might add vs. $284 to go green. Then it needs to clear $293 with authority to open the door for a move back to the $310 area in time.

Positions Disclosure as of 9/7/2021 at 8:05 a.m. ET