The stock market has been on a tear since April and is lead by the tech companies, with NASDAQ having the biggest gains, pulling the rest of the other indices higher up.
Ever since the CO-VID19 lockdown started, many popular stocks such as Tesla (TSLA) and Apple (AAPL) have seen enormous gains, with both companies announcing stock splits to keep the stock price low.
With 2 weeks left to go, AAPL has pulled back lower along with the stock market. It is still in an uptrend and will be testing the bottom trendline soon. If the trendline holds, then there are long opportunities there.
Much like AAPL, TSLA is also coming close to its uptrend support. Should that hold, we could see another run to the upside.
There are some concerns on the NASDAQ chart as it is showing signs of slowing down, which is to be expected given its tremendous 5 month run.
That is not to say that we will definitely see a sharp sell off. It could also mean we can also head into a sideways market until election month. Either way, both scenarios could happen and until there is some sort of confirmation on the chart, it is best to hedge your positions or stay out of the market.
The S & P 500 is still holding its uptrend and it is right where the lower trendline is. It will be interesting to see where the rest of the month takes us.
The banks are still consolidating in the large symmetrical triangle, with a slight bearish stance since breaking the lower trendline. However, it can go either way, which I believe will happen in the coming 2 weeks.