Gap ups
Added 2024-06-20 13:14:31 +0000 UTCMajority of semi names gapped up this morning $SMCI $NVDA $DELL $ARM to name a few surrounding news yesterday on building AI Factory in Memphis. $SPY gapped up in to the 550 levels (SPX 5500) and that would be a psychological resistance area. Today, we're watching to see if the price actually creates a support at 548 levels or are we back to the Monday highs and Tuesday's consolidation area. If this consolidation at this level pans out, market is still bullish, if this area breaks say 546, some liquidity grab below possible down to 544/543.
Major watch for me is $CRM one of the names that have been beat up lately and software names have been catching bids. $NVDA upside target still at 145 but might have to come back and fill the gap too. Other than that, keeping $AMZN on watch and $AMD. I think $AMZN is due for a major run in to 200s. Only takes time.
Good Luck!
