AMZN Technical Analysis
Amazon looks like it’s going to open a little bit higher on Monday after gapping substantially higher on Friday. We had a very strong surprise earnings report coming out of Amazon at the end of the day on Thursday, so it’s not a huge surprise that everybody’s off to the races with this market. It now looks like we are breaking out for a much bigger move.
With that being said, I anticipate that Amazon will eventually find a much higher level—where that is, I don’t know—but you can take the measured move of the previous rectangle, and it suggests $260. I don’t think that’s a stretch by any imagination, and you can see in the pre-market we are jumping rapidly toward that area. It’ll be interesting to see how this plays out, but this is definitely a buy-on-the-dip market.
AAPL Technical Analysis
Apple looks a little bit soft, and its earnings call came in a little better than anticipated, but I anticipate that there will be buyers on short-term pullbacks, especially near the uptrend line. The $260 level is significant support, and that being the case, it’s likely that short-term pullbacks will offer enough value that a lot of people will be trying to chase the momentum to the upside that has been so prevalent in this market. There’s no real reason to short this market. I think it’s just one that maybe got a little ahead of itself.
GOOG Technical Analysis
Google looks like it’s slightly positive in pre-market trading, and it has recently jumped as well. I think this all ties together quite nicely. The earnings call was stronger than anticipated, and I think short-term pullbacks offer buying opportunities. I believe that somewhere around $270 offers a bit of support, as it had previously been resistance in a very small timeframe, but I think, regardless, there’s just no way to short Google. I think it does go higher over the longer term. We’ll just have to wait and see how this plays out, but I do like Google overall, and I am going to be a buyer of it, especially if we can get closer to $270. Even if we don’t, I’m comfortable holding it.
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