Scott Redler’s Dog Bytes: Losing Special Status

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SPX futures are -20 to kick off the week. Last Tuesday, the market shifted again and I took risk down. We had a bearish engulfing candle around the SPX 4583 pivot with tech leading the downside. Now we'll see if the 4450 area holds, or if there is more weakness. Banks earnings start with JPM on Wednesday. Metals are getting some upside follow-through as oil tests important intermediate support.

TSLA lost super special status Last Tuesday with the Red Dog Reversal sell around the $1150 pivot. It confirmed that by failing to hold $1115. It closed below the 8 day Friday. This morning it looks below the 21 day but above the 50 day. I'll see if there's an opportunity vs. a 5-15-30 minute low. $950-$964 is a compelling support spot.

AMZN went from super special to vulnerable. It failed to hold $3310 and broke $3244 and couldn't reclaim them. It also lost the 8/21 day fast with a low Friday at $3085. It's worth a look into the $2993-$3042 area this morning or vs. a 5-15-30 minute low.

AAPL took a week off from its special status. Today we'll see if there are tactical opportunities to buy around the 50 day ($168.50). A hard break below would be bad for tech. I'll watch it closely.

MSFT lost the 8/21 day like most of tech. Maybe there's a tactical bounce near the $289 support pivot.

Positions Disclosure as of 4/11/2022 at 8:45 a.m. ET