Scott Redler’s Dog Bytes: Tech Sector Lows


SPX futures are +33, giving some upside follow-through to Friday's reversal. We'll see if it holds or fades. 3945-3970 is some resistance. See if tech holds or fades after many leaders broke hard last week.

TSLA changed character on April 21 after earnings. The strong report got sold. Then the $973 break confirmed the new active bearish sequence. TSLA also lagged the bounce. On Friday, I made money short. It broke $700 to see $633 before a weak bounce with the indices. I did buy some $620 puts into the end-of-day bounce. TSLA isn't up much considering the futures strength. I’ll be watching this carefully.

AAPL helped lead the indices to the lows last week. We did well short here. I covered on Friday. I’m not sure how it will respond to market strength. Resistance is now in the $140.78-$141.60 area.

AMD is very choppy and just gives two-way action based on the futures. It didn't make a new low Friday but it hit the $88 area. It's red while futures are up. See how it reacts today. I'm not in a rush to do anything here.

NVDA is also red. But it hasn't been special for months and has been trending lower. $155-$157 is the recent low area heading into Wednesday's earnings.

Positions Disclosure as of 5/23/2022 at 8:55 a.m. ET