April 5th — 9th, 2021
Pick of the Week: $SQ
Hoppy Easter everyone. The Easter Bunny brought us so many good setups this weekend it’s almost overload! I’ still a little weary about Tech it’s been quite crazy lately and we’ve had a false recovery before. Not to mention the gap up in it’s price (look up the chart for $QQQ and $XLK).
Here’s a list of how the individual Sectors are doing:
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The Financial Sector has a nice setup, and hasn’t launched up too much like some of the others, which I worry could pull back after such a big move. IT still has some room to move and isn’t in overbought territory yet, so first I’m gonna look at some potential positions in that sector.
$SQ (Square Inc)
- Current Price: $229.51
- Price closed just above the 20 SMA
- MACD Histogram has upward momentum and on the positive side
- MACD line has crossed the red Signal line
- TMO is showing strong GREEN trend
- TipRanks: $275 / $380
- Two days in a row of price closing above the 20
1st Target: $245
2nd Target: $275
S/L: $202
Other Financial Sector setups to consider:
PYPL, FOUR, SHOP, V, DFS, AXP, COF, JPM
The Ark funds are making nice comeback, but as I said be cautious with the Tech stuff. Although most of them have great setups right now, some have large gap ups that I’m being weary about.
For that reason I like $ARKG and $ARKK the most right now.
If you are considering nibbling at some Tech stocks, I like the look of $FSLY’s chart (below). I’d also take a look at $UBER, $LYFT and $SPOT.
Enjoy the rest of your Easter Sunday and remember…
Trade long and Prosper!
🖖
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