SNOW Technical Analysis
Snowflake looks like it’s going to just absolutely launch like a rocket at the open, as the earnings call was better than anticipated. But the real story here is the fact that they have signed a huge deal with Amazon Web Services and that suggests that we are going to see an even deeper partnership with the cloud computing giant.
The market is likely to be very volatile when we open, but short-term pullbacks, I think, will end up being buying opportunities, assuming you even get them. We are looking at about a 34% or so gain right off the bat, so you have to be very careful with this. But Snowflake is probably one you want to watch for a few days to see if it gives you an opportunity.
AMZN Technical Analysis
Speaking of Amazon, it looks like it is going to rally a bit. It probably goes looking to the $280 level again. Short-term pullbacks, I think, are buying opportunities at the $270 level where we had seen previous resistance. There should be a certain amount of support.
This is a market that looks like it’s forming some type of bullish flag that we are now breaking out of, so I do like Amazon for a longer-term move as well, so I’m bullish. I have no interest whatsoever in shorting.
GOOG Technical Analysis
Google is basically sitting just a touch under where it closed during the previous session. That being said, this is a market that if we drop towards the 50-day EMA, I’m very interested in buying a bit of a bounce if we get one. We’ll have to wait and see.
If we can turn around and rally from here, the $400 level could be your target. Google, of course, remains very bullish due to the AI trade, so no way to short this market and I do think that you’re just looking for value as it occurs.
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