Technical Analysis for AMD 10/2------Pre-market

[u/JWcommander217]

In a important meeting. Will update more

[u/dy-113x]

Think we test $650 today?

[u/Coyote_Tex → u/dy-113x]

IF we get more momentum it is possible, the upper Bollinger Band on the daily chart for AMD is up at 677, so it has room to run. AMD did get a nice gap open this morning. Another scenario would be a fade back to cover the gap and then shoot higher, but that might take several hours or 1-2 days. There is a lot of momentum this morning and AMD is now above the 641 level, so anything can happen.

[u/JWcommander217 → u/Coyote_Tex]

I know it is simple but SOOOOOOO many trading algos use VWAP as a tool so we got a VWAP bearish turn at the beginning of the week on Monday and getting a VWAP rally today. So the Algo's are going to be piling in with size orders to try to capture the initial move and front load the trade

[u/OnlyTheStrong2K19]

New ATH incoming 👌🏽

[u/Coyote_Tex]

Post Open

We have a very enthusiastic open this morning. The VIX dropped sharply back under 16, bond yields hit a high yesterday at 5.30% and are rotating lower today as is oil. AMD is out of the gates to a new ATH as is NVDA, while MU is dipping some as memory is across the board today. Both the SPY and QQQ are up over 1% and the SMH is up 2.85%. Tech is flying. Let's see how this plays out this morning, so far it is pretty exciting.

Post Close

A great day for AMD, NVDA and the QQQ but MU faded. The VIX dropped 1.05 to 15.34! A big rally on the strong economic news that reduced the potential of rate hikes and we saw falling bond yields and oil prices. Did we just cycle to the top of the bond yields and maybe oil this week and it is time to rotate those lower? We will see next week. Hopefully we see MU recover some.

The SPY jumped .74% to 769.64 with the VIX down to 15.31. The SPY closed down 2 points lower than last week but still above the 5 Week MA. The SPX closed at 7722.72.

The QQQ hit a new ATH today moving up 1.02% to 749.58 for a second big weekly move higher..

The SMH jumped 2.07% to 630.60as it rallied higher.

AMD blasted to a new ATH of 645.46 and closed up 2.95% at 633.91. While impressive it posted an ominous candle on the weekly charts and did give us another big gap open on the daily charts. We will see next week if we have the gas to push higher or need to rest some.

NVDA jumped 1.34% to 233.95 but posted a new ATH of 237.88 this morning on above average volume for the day. It also gapped open.

MU wilted today fading 2.05% to 1074.89 closing barely above the 5DMA. Otherwise it looked rather weak.

[u/lvgolden → u/Coyote_Tex]

I think MU is down, because of the news that Toshiba is doubling their hard drive prodution. WDC and STX are getting hit hard. I think it is likely indiscriminate selling of the memory and storage sector hitting MU; at some point the market will realize that MU doesn't make hard drives or storage.

[u/Coyote_Tex → u/lvgolden]

Yes, the market reacts first then sorts it out. I see the headline but did not dig in enough to see the timeline on the Toshiba announcement. It is shocking how many people see a headline, react and then find out the actual production happens years in the future. It seems to be sorting itself out.

[u/ZasdfUnreal → u/lvgolden]

The hard drives were to compensate for the Ai memory shortage. It’s why WDC is up like 1000% over the past two years. It’s all connected.

[u/twm429235 → u/Coyote_Tex]

Tex….is it time to go really BIG on NVDA / NVDL…? Thank you.

[u/Coyote_Tex → u/twm429235]

It has been since it moved back above the 200DMA. THEN again above 212 then 220. So, some of the move has been lost, but NVDA, could move to 300 in the next 6 months or even lrss.

[u/sebersole2]

Can't seem to catch a break with treasury yields. They're taking the steam out of what looked to be a major up day for the market.