Friday’s Market Levels

May 12, 2023
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Good Morning,

SPY was down .17% yesterday and we are still in that trading range between $404 and $417.

As I have been saying lets keep it simple if we break out to the upside and cross $417 then we are looking for the bull trend that could take us to the August highs in the low $430’s and to get more bearish we need to break down below $404 and then we will be looking for a retest of the 200-day moving average and to close the gap. Gap Fill above is at $415 and below is $407

QQQ is in a string bull trend we are close to the double bottom price target of $327 and above that we are looking for the August highs. Manage your risk at the breakout above $321 but if we break-down below support at $321 then we will be looking for the gap fills at $315 and $308

Keep in mind this market rally is primarily in Big tech in a few names so be defensive and use stops.

On Google we reached our price target at $117, and we now have the gap fill at $113. If we do continue to go higher we will be looking for the next strong resistance at $120 but overall, we are reaching the price targets, so we expect to cool off.

Apple reached our price target, and we are reaching into the Augst highs there really is not a lot of upsides and probably will need to test support before moving higher.

Tesla is looking more bullish bouncing off of $167, if we break $173 then we are getting more bullish,  then look for the gap fill above $177 support comes in at $168 then $164. 


G. Allan Collins



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