White lines - Formed channel
Yellow line - Pull back target
Amzn,MSFT , Apple , NVDA, AMD, and FB have all traded in ranges since November. Amzn,Nvda,AMD, Msft all struggled to break out of those ranges Thursday and couldn't. QQQ also tried to break out of this channel Thursday. With that being said , none of these major stocks will breakout without the QQQ. The MFI on the 1hour is overbought which signals a PULLBACK not a reversal. More conformation of a possible pullback is the break in the trendline that you can see on 30/60min timeframes. If we do have a bigger pullback to support I think they will get that correction over with before earnings season kicks off in January
I'll update after retest of 393
Yellow line - Pull back target
Amzn,MSFT , Apple , NVDA, AMD, and FB have all traded in ranges since November. Amzn,Nvda,AMD, Msft all struggled to break out of those ranges Thursday and couldn't. QQQ also tried to break out of this channel Thursday. With that being said , none of these major stocks will breakout without the QQQ. The MFI on the 1hour is overbought which signals a PULLBACK not a reversal. More conformation of a possible pullback is the break in the trendline that you can see on 30/60min timeframes. If we do have a bigger pullback to support I think they will get that correction over with before earnings season kicks off in January
I'll update after retest of 393
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