How to Trade Big Tech Names Into Key Levels

Intro [Music] good evening Theo tree this is koi Rosenbloom and you're watching the Theo nightly video for September 10th 2019 and we're getting a check on tech look at the tech names specifically Apple because it had their Apple conference or their Apple special event today we'll get into that just in a moment but this perspective is our quad market grid with our fangs f/a ng where's the other a it's Apple I'll do a special update on Apple but this is our broader comparison with our monsters for tech titans attack or just in general terms Facebook Amazon Netflix and Google will also sneak in a conversation about Roku which had a stellar two-day decline as we look at these four names we can see support bounces taking place in all but one so Facebook is a bounce off of just about the 175 or roughly speaking almost 180 per share level Amazon is struggling to hold its rising trend line and this is the most important thing off of the Amazon chart is not so much levels down here anymore but this lower rising trend line it's trying to bounce off of it but not doing a stellar job of doing that otherwise over here Netflix is underneath its trend line and that's the 300 per share level and that's gonna be our focal point with a beer breakdown play or additional bear activity taking place beneath 280 if we don't see an immediate return above 300 which may be doubtful given that Netflix shares rallied in two and now have traded down away from the 300 level and Google which if you think about it from a different perspective maybe one of the strongest of these stocks given that it's up at the high of its resistance play just above 1,200 per share so that's what we'll be looking at on a broader picture or a comparison picture if we just tag in Apple here just quickly we can see how it compares it's similar to Google that it is into upper resistance we can actually draw a trendline up here maybe even a bearish rising ledge or a triangle pattern a compression pattern ahead of a future breakout and that's gonna take place in the 215 per share Facebook level well let's start the conversation with Facebook we'll go through the fangs individually for Facebook it is still in this wide volatile range so 2019 has been kind to Facebook shares but the bulk of it was through the few first few months of the year in April and May we had a decline from 200 to 160 they pivot off of that 200-day simple and this 160 price level and then a pivot down from 210 to just about 180 so we have had a buy or at least a bounce thesis and that's played out for about $10 not stellar but nothing to sneeze that necessarily either so Facebook shares are in a rally mode off of 180 if we can zoom in the new pivot points for Facebook shares especially if you're an intraday trader are 190 which is resistance and about 180 which is support given that we're between them and the SP itself is doing a consolidation rectangle it is no surprise that Facebook shares are coming down at least for now from 190 so if the range continues which is another way to say the S&P falls back inside of its trading range then look to short Facebook shares remain short or established short positions under 185 we can look at Amazon because it is an Amazon easier play sometimes and the trait we're looking at is this type of bull bounce play similarly to prior examples for what we just saw in facebook off of the 200-day simple moving average which also happens to be our rising parallel trendline channel let me go ahead and get rid of these lines right here on our chart just looking at the current levels 1600 Shores a key level but I really want to draw the attention to this pivot roughly 1800 and 1750 because it is the end this little line right here we drew it some short sell trade positions or short sell ideas down away from at best to 20 the upper resistance and probably an easier short for you was mm so that took price down to 1750 where we've had one to three tests of support but it as well is in a trading range and is failing at the 50-day moving average so you're a pivot point right now is 1840 and Amazon and look for it to trade if it gets under 1800 today's pivot down to seventeen forty or 1750 so that's it's gonna be similar to the equity market or the SP which is an a trading range it had a short-term breakout but is inching its way back inside the breakout parameters now I didn't watch the whole Apple keynote I didn't see the whole presentation but I did see the products you know I would strongly encourage you to take a look at the iPhone 11 Pro that thing is like an alien it has three little cameras on the outside it's definitely worth taking a look at for the iPhone 11 Pro the iPhone 11 is announced as well so is the series 5 watch the Apple watch and then a little bit larger Retina Display iPad anything revolutionary about that adding a third camera maybe but is that going to be what share prices or stockholders or shareholders or corporate America or funds or everybody else needs to get a bullish bounce catalyst for Apple not quite sure will that price tell us the answer to that but right now from the price perspective and trading perspective Apple is into resistance at 220 per share and that is again forming slightly a consolidation or compression triangle that makes us at least initially bearish up against to 220 dollars per share right here so cautiously watch Apple but then again if we see price move above 220 we have a short squeeze or bull breakout play $10 higher 234 share so watch the volatility also an apple it had a nasty middle of 2019 but was quickly rebounded next up on the faying list is Netflix it is the one Netflix that is weakest and unfortunately for Netflix buyers has failed to hold the support of 304 share it's a simple round number level you can see in the past that it has been nominally important as a short-term turning point the last time we were in a significant trading range was 342 about 380 with a midpoint at 360 and that led to a decent breakout at this point 40 points lower and then a little bit lower than that so watch your Netflix shares under 300 as we see on the hourly chart we had a struggle to hold this level Bulls losted Bulls got it back but since last week or since really later in the month as we transition over into September we had a failure so from that failure spot we've seen one two now three redirections up against 300 so that keeps and maintains Netflix as a bear candidate if share prices fall beneath 280 that will confirm any short positions you have on puts you further in the profit zone or trigger new short sold positions if you aren't already in Google a spot now Google it again is into resistance so think of it similarly to Apple to an extent where we have this resistance play it's level is just about 12 24 share so Google is up in to resistance its midpoint is 1125 or 11 20 and lower support 12 or a 1025 nonetheless we still have this consolidation underneath a resistance marker if I had to do something if I absolutely had no choice I think the short position might be a little bit stronger up against all of these stocks especially if Netflix Falls a little bit lower we have other shares from Apple stay under 2 to and Google shares stay under 1220 and ultimately 1200 ideally if your are a bear but we'll obviously keep a watch on these role positions as needed and if you aren't positioned the better play I think from a probability standpoint is into resistance to short but if the market if you are looking for a breakout and the market does break above 1225 12:30 that's going to trigger our alternate thesis which specifically would be in Amazon would be about 1850 Conclusion and an apple we just saw it at 220 per share roughly here and so on so in tonight's video just think about the technology sector itself xlk look at the Nasdaq as well we'll finish up with a now stock and it did itself give a little bit of a bullish break as I mentioned in last week's video is this the real breakout or is this a trap and if the market falters just a little bit lower into Wednesdays on Thursday sessions we'll probably see it down to the prior lows now that's gonna be true in each of the stocks we talked about if instead the market holds or the Nasdaq holds 7800 we may be looking for a bullish breakout like it love it or don't nonetheless as always be careful and safe this is Corey rosenbloom with your Theo nightly video for September 10th 2019