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Why I wouldn't buy NANO Labs now.While prices have certainly given a solid return for anyone who placed a bet around the support right below $1, current price action IMO does not provide a good risk/reward (also factor in the wild intraday price swings). Despite prices building up well below the AVWAP from the Jan 2023 highs and breaking out on Friday, the large daily range over the past week generally is a signal for no new buys. Add to this, the declining 200 day MA which is currently around $2.06 and also strong medium-term resistance around $1.80.
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by xTDGS
Block: In the starting blocks… 👟Block hast just finished wave B in turquoise and is in the starting blocks to take off. Soon, the share should gain enough upwards momentum to make it above the resistance at $89.97 and even further from there. However, there is a 39% chance that Block could break away and slip below the support at $51.16. In that case, the share should develop a new low in the form of wave alt.2 in green first before heading upwards. This new low would then be located in the magenta-colored zone between $40.97 and $19.12.
NYSE:SQ
by MarketIntel
NASDAQ failed resistanceOh oh... the optimism, much as we want it given, does not appear to be. Having bounced off the middle of the consolidation zone, a surge to the upper range resulted in a weak follow through with a lower high, and a following bearish (patterned) candlestick. The technical indicatiors are trickling downwards, and one wonders if it is going to uptick... A bearish outlook is setting in (early stage now) and few things need to firm it up, besides fundamentals and news... technically, a breakdwon of the orange trendline is needed, as a follow through to the bearish reversal candlestick pattern. VolDiv should dive further down, as should MACD be clearer (tends to lag). The SG10Y Govt Bond yields appear to heads up this bearish outcome too... so watch it happen in real time.
CME_MINI:NQ1!Short
by Auguraltrader
Broadcom: Slide 🛝Broadcom is amusing itself in the playground consisting of the green zone between $648.08 and $577.41 and has lately been lingering mainly at the 78.60%-retracement at $621.54. However, soon, the share should switch over to the red slide leading below the support at $572.10 and into the lower green zone between $531.78 and $465.02 to finish wave 2 in green. This low should then grant the share new upwards momentum. There is a 37% chance, though, that Broadcom could prefer the jungle gym and thus climb above the resistance at $648.50. In that case, we would expect a new high in the form of wave alt.1 in green in the magenta-colored zone between $673.07 and $774.04 first, before the downwards movement can start again.
NASDAQ:AVGO
by MarketIntel
NASDAQ closes on a clear Bullish Quarter, Month, Week and DayJust an add on to the earlier analysis using the NASDAQ futures Daily chart. The weekly analysis says it all, and is in alignment. A truly bullish end to the Quarter, Month, Week and Day as described. Technical indicators are bullishly aligned. Weekly close and maintaining above 14,382 is a MUST for a longer term primary trend change to happen (above the green dotted line); currently primary trend not yet bullish. Fortunately or otherwise, there is confluence for the Daily upside target at 14,400. For more information about this point, do look into DeMark indicators.
CME_MINI:NQ1!Long
by Auguraltrader
NASDAQ - Bullish Break Out!Previously posted about the candle that broke the market's back. It continued to test resistance for the next few days, and then broke down marginally, only to fake it and in one session reversed to close at a recent high. And this followed through to close the week in a massive three day streak of higher high closes ending with a bullish marubozu! The technical indicators are all good and aligned, crossing up and looking for more upside space. Green circles mark descriptions. Clearly BULLISH. A wonderful end to the week, the month, and the first quarter of 2023! Going forward, in the short term, any pullback to test the 12,900-13,000 support area should see a quick bounce. Upside target is now 14,400 (end April, early May) In contrast, breakdown zone is now below 12,800. PS. I still see 2023 as comparatively more volatile. For now, there appears to be some stability in the trend, so I would just go with the flow until near to the time when the music stops.
CME_MINI:NQ1!Long
by Auguraltrader
Texas Instruments: Don’t Rush It! 🐢With a healthy respect, Texas Instruments is advancing toward the resistance line at $158.99 slowly but surely. Soon, the share should climb above this mark and push off into the green zone between $215.90 and $237.98 to complete wave B in green before turning downwards again. There is a 33% chance, though, that the course could shift away from the next resistance line, dropping below the support at $144.49 instead. In that case, we would expect Texas Instruments to develop wave alt.IV in gray in the gray zone between $130 and $107.68 before moving upwards anew.
NASDAQ:TXN
by MarketIntel
Fiserv: Channel Your Energy 🪫🔋Fiserv is making use of our pink trend channel, where it has last finished wave (D) in magenta. Already, the share is on its way downwards to develop wave (E) in magenta as well as wave E in green, which should end at the channel’s lower edge. This low should then provide enough energy to lift the course above the resistance at $127.34. A 33% chance remains, though, that Fiserv could slip below the support at $87.03, thus triggering further descent. In that case, the share should expand wave alt.II in gray into the gray zone between $62.53 and $26.76 before moving upwards again.
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by MarketIntel
Snowflake: Snowed Under ❄️Snowflake seems to be snowed under with work. The share has a great deal to do, but is currently delaying the anticipated ascent, gradually sagging towards the support at $110.27. There is a 33% chance that the course might drop below this mark, thus developing wave alt.2 in turquoise earlier already. However, we primarily expect it to climb above the resistance at $205.66 first to lodge the top of wave x in magenta before moving downwards again. Wave 2 in turquoise should then return Snowflake below $205.66 and carry it below the support at $110.27, introducing fresh upwards movement afterward.
NYSE:SNOW
by MarketIntel
1
Electronic Arts: Pushing the Right Buttons 🎮Electronic Arts has been pushing the right buttons and has made fine use of our pink trend channel, finishing waves (a) till (e) in violet. Indeed, the course has already made further progress, touching at the support at $109.27. Next, the share should gain even more downwards momentum and drop below this mark to complete wave B in turquoise. Afterwards, we expect Electronic Arts to climb above the resistance at $150.30 to conclude wave C in turquoise as well as wave (B) in red. Subsequently, the course should start a long journey to the south, falling back below $150.30 and below the supports at $109.27 and at $73.91. There, it should enter the green zone between $64.44 and $40.83 to finish wave 2 in green before turning upwards again.
NASDAQ:EA
by MarketIntel
Block: Playing Tag 🙃“You’re it!” Block calls, tapping on the magenta-colored zone and taking off. The share seems to be playing tag and has just caught the magenta-colored zone, finishing wave ii in magenta with one impulsive downwards spike. Next, the course should seek shelter above the resistance at $94.87, thus gaining further upwards momentum. However, there is a 32% chance for Block to lose its drive and to drop below the support at $69.16. In that case, the course should develop wave alt.ii in magenta first before heading southwards, abiding above the support at $51.16 along the way.
NYSE:SQ
by MarketIntel
NYSE FANG+ Index: wait is better⌛' The NYSE FANG+ Index is a rules-based, equal-weighted equity benchmark designed to track the performance of 10 highly-traded growth stocks of technology and tech-enabled companies in the technology, media & communications and consumer discretionary sectors'. Companies included in the index: Meta, Apple, Amazon, Netflix, Microsoft, Google, Tesla, NVIDIA, Snowflake and Advanced Micro Devices. Graphically speaking, I would expect a better definition of which way the price is going. Looking at the Stochastic Momentum Index, I would say that opening a long position would be too risky. Below are some possible scenarios: Scenario 1: Scenario 2: Scenario 3: Scenario 4: Scenario 5:
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by andre_007
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Semiconductors are off to a HOT Start in 2023Semiconductors are off to a HOT Start in 2023…after a COLD 2022… As we begin 2023 looking at technology-oriented investments, a ‘consumer-slowdown’ and related macroeconomic factors are front and centre in investor considerations: Worldwide shipments in personal computers (PCs) totalled 286.2 million units in 2022, a 16% decline from 20211. Global Information Technology spending contracted 0.2% in 2022, dropping to a total figure of $4.38 trillion. It is rare to see this figure, which represents spending in many different categories of things, contract. PCs, smartphones and other devices are seeing the biggest cuts. Devices spending dropped more than 10% in 20222. Taiwan Semiconductor Manufacturing Co. (TSMC) has indicated that its revenue can drop as much as roughly 5% in the current quarter, and that it expects lower capital expenditures when measured against the 2022 figures. TSMC is the world’s largest contract chip maker, and it has set the capital expenditure budget at $32 to $36 billion, which compares to $3.3 billion 20223. However, the fact that semiconductors companies behave in a cyclical fashion, sensitive to the ups and downs of supply and demand is not new. There was a deluge of negative news and a downplaying of forward looking expectations in the second half of 2022. During earnings call, the CEOs of semiconductor companies put on a masterclass of seeking to lower forward-looking expectations. Therefore, we could be in a position where, at the start of 2023, any news that does not represent the most bearish of possible outcomes is actually viewed positively. Semiconductor Companies have Rallied Strongly to Start 2023 When many investors think about ‘growth’ or ‘tech’, they first thing of the Nasdaq 100 Index. This index functions as a baseline, where the top holdings are some of the world’s largest companies driving what we think of as ‘information technology’ forward. In Figure 1a, we created a ratio chart, where, as the line moves from the left to the right of the page4: An upward or positive slope represents the outperformance of Semiconductors companies relative to the Nasdaq 100 Index. A downward or negative slope represents the underperformance of Semiconductors companies relative to the Nasdaq 100 Index. When we see that the overall trend going back to 2015, we know that Semiconductors companies have generally performed strongly—since the line is higher at the right of the chart than the left, we know that Semiconductors outperformed the Nasdaq 100 Index. However, the line is not stable or smooth, and it is characterized by sweeping upward and downward trends. We show those figures specifically in Figure 1b. This full period was strong from ‘tech stocks.’ The Nasdaq 100 Index was up 14.5% annualised, whereas Semiconductors were up 18.2% annualised. Our ‘recent memory’ is colouring our perception, so what we likely remember closely is how it felt to watch Semiconductors drop -34.6%, but at the same time the Nasdaq 100 Index dropped -32.6%. 2022, as we all well know, was a rough year for the returns of technology-oriented stocks. We would say that the 2022 experience was largely a result of what had come directly before—a massive expansion in near-term demand as many people shifted their working practices and purchased different types of hardware to allow them to work from anyway. From 17 June 2019 to 31 December 2021, Semiconductors returned 55.0%, annualised, while the broader Nasdaq 100 Index returned 36.4%. We find it interesting that, even with all the same headwinds, like higher interest rates and a higher cost of capital and a lowered expectation of global economic growth, Semiconductor stocks have risen 15.7% in the first 3 weeks of 2023, which compares with the Nasdaq 100 Index rising 8.5%. 3 weeks is not a significant length of time, but it’s notable that this period immediately precedes companies reporting their earnings results from the period ended 31 December 2022. Maybe there is an implicit assumption in these returns that the results could be ‘less bad’ than what the CEOs of the Semiconductor companies had guided toward in prior quarters. Conclusion: The Two Forces of 2023 that Determine the Semiconductor Return Experience No one knows how the performance of semiconductor companies will evolve over 2023, but we are watching two critical areas of the space. Even if 2022 was poor from a direct share price performance perspective, there was an enormous array of announcements of planned new plants to be built in different states in the U.S. There was also the passage of the ‘Chips Act.’ Even if it will take years before these plants will be making physical chips that can be sold, the signal that these companies are adjusting their supply chains to be less geographically reliant on Taiwan is an important one. As we stated, the general CEO of a semiconductor company was focused on lowering guidance for the upcoming quarterly earnings results. When this happens, the future reports become less about the number on the page and more about whether the number on the page is ‘less bad’ than the guidance. If there is a perception that things are ‘less bad’ it’s possible that share prices can rally even if the results in isolation do not look great. If Semiconductors can continue to outperform the Nasdaq 100 Index through the upcoming earnings season, this would lend strength to the concept that they may be able to hold onto this for the year, as opposed to us remembering that quick 3 week period of strong performance before the market gave it all back. Sources 1 Source: Jacob, Denny. “PC Shipments Drop Sharply in a Slump Expected to Last Until 2024.” Wall Street Journal. 11 January 2023. 2 Source: Loten, Angus. “Global IT Spending Decreased in 2022.” Wall Street Journal. 18 January 2023. 3 Source: Jie, Yang. “TSMC Warns of Possible Revenue Drop, Spending Cut.” Wall Street Journal. 12 January 2023. 4 When referencing Figures 1a and 1b, ‘Semiconductors’ is defined as the universe of companies within the MSCI ACWI Semiconductor and Semiconductor Equipment Index.
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by aneekaguptaWTE
Intuit: Trust Your Gut 😊After it had started the ongoing descent so confidently at first, Intuit has been struggling in a sidewards movement. Now, the share should trust its gut and decide or rather intuit – pardon the pun! – to continue its journey to the south. We expect the course to drop below the support at $339.36, where it should complete wave B in green at about $303.29 before taking off again. Alternatively, Intuit could have already finished wave alt.B in green and thus climb above the resistance at $457.94 by now. We rate this alternative scenario with a probability of 38%.
NASDAQ:INTU
by MarketIntel