Technology Charts (Apple + Tesla + NVDA)

Good morning to you and good morning in Markets!

I hope everyone is doing well on the week and what a week it has been, especially for the economy and tech stocks. Before we take a look at the charts, I want to do a quick recap about the week.

- Core CPI came in far better than expected with May at 0% exp .1%, YoY at 3.3% exp 3.4%, Core CPI at 0.2% in May exp , and Core CPI YoY at 3.4% exp at 3.5%

- PPI also came in better than expected with most notably MoM at -0.2% exp .01%, YoY at 2.2% exp 2.5%, Core PPI 0% in May exp 0.3%, and Core PPI YoY 2.3% exp 2.5%

- Jerome Powell took the podium with the purple tie and sent markets sideways on the day. He was late to the stand and ended the meeting short, a bearish indicator. He also basically illuded to the possibility of no rate cuts this year, and opened the possibility of 2025 rate cuts wider. However, the dot plot does suggest that there could / probably will be at least 1 rate cut on the year

- Jerome Powell also mentioned that he does not think consumer spending by credit cards is too serious yet. Which I disagree with

- When asked about consumor satisfaction with the Economy, Jerome seemed out of touch with the everyday citizen as data shows that most individuals are concerned about the economy and their personal finances, where as Jerome Powell mentions he does not anticipate disatisfaction. Which is why I disagree with his observation about consumers spending money with credit cards

- The Rate Hike decision remained unchanged

Overall I would say the FOMC and economic data has a higher probability of seen as bullish than bearish, if anything it is mostly neutral bearish. Markets are currently trying to make up their minds on the open.

In today's article, we are going to take a look at the Apple, Tesla, and NVDA charts. I think there is some interesting flow going on and I want to take a look at where we are.

With that said, let's lock in and draw some lines on the chart!

On the Weekly time frame, Apple had been forming a rising wedge, however with the new about the new partnership with OpenAI, the price found new buyers and broke above the wedge. An impressive move considering a rising wedge on this time frame has a high probability of being a bearish indicator. If the buyers can close the price on the week above the wedge, followed by a Retest and Rejection off of the wedge, the probability of more upside is higher than the probability of a reversal to the downside.

There is a bearish gap to the upside at the $173.415 - $180.42 range around the time of Earnings. At the time of writing, there is no notable structure forming, however the price rejected off of the low $220s which lets us know that the $220s are currently acting as resistance. Buyers might want to take profit here and re-enter if there is a sweep back to the upper $190s.

There is a possible bull flag forming on the 4 hour. With support down at the $205 - $207 range, buyers will need to Retest and Reject the flag on lower time frames, closing the 4 Hour above the structure for more confidence of a larger move to the upside.

Since the downside move yesterday, Apple has moved completely sideways with minimal volatility to either side. I would consider this bullish considering the current level Apple is at. If buyers keep the price around this level, there could be more upside. However, I expect there to be a larger move to either direction before the close of the week. There are no notable structures forming for now.

This downside trend looks too sharp, however the price has reached soem buying liquidity here at the 15 minute. If buyers want more upside, they need to close the price above the previous downside candle. There are some sellers up there at the $220s for now. However, the trading volume is currently low, so buyers need to step up here.

Same setup here, the price moved sideways in an area of buying liquidity. Bullish volume will need to increase for more upside.

There are buyers at the lows on the day, and sellers around half way back up to the open at the $215s. They might try to move the price sideways again on the day which is why it is important that buyer step up or the price may reject back down to liquidity.

There is a possible falling wedge forming on the Weekly for Tesla. At the time of writing, Tesla is currently moving towards a point of a breakout to the upside. There are large sellers at the $246 - $275 range, as well as the $293 - $315 range.

Tesla has been in a downwards trend for around 1 year forming multiple bearish and bullish gaps.

Bullish Gaps:

$205.60 - $206.77 range

$280.93 - $289.5201 range

Bearish Gaps:

$147.26 - $157.51 range

$180.55 - $181.94 range

There is also a possible breakout structure forming which looks like an attempt at some selling liquidity at the $198 level. However, this gap sets up a perfect Retest and Rejection half way to the lows for a bullish liquidiy sweep for more upside which will line up with the breakout structure.

At the time of writing, the volume is leaning more bearish than bullish.

There is another breakout structure, but on the 4 Hour from a symmetrical wedge. It looks like it tried to break out to the downside, but buyers stepped in and moved the price to the upside forming a gap in the price at the $178.25 - $181.94 range.

If the price decides to fill the bearish upside gap, I think that would be more bullish than not if the price sweeps into the 4 hour buying liquidity at the lower $172s and finds support. Right now it looks like it does want to fill the gap, so buyers will need to step up for more upside if the gap is revisited. There is also the possibility of finding support at the gap levels, however the volume is overwhelmingly sellish to the gap fill is more likely than not.

On the 1 Hour, the lower 190s are acting as resistance while the price moves towards the gap. Coincidentially, there are some buyers waiting for the gap fill down there at the $177.48 level. If they can hold up a possible gap fill move to the downside, then the probability of the price moving sideways then to the upside is higher than moving lower. There is also much larger buying liquidity down at the $166.41 - $170.49 range which may act as a safety net should the lowticker pick up too strong.

The downward candles look too sharp on the day, however with the gap fill right there, it is too close to say whether or not the price will find support off the gap or fill it.

The 5 minute is finding support at the gap level for now and there are some sellers at the lower $190s. If the volume spikes bullish, there could be a retest of the selling liquidity up there.

The price is forming a slight upwards trend, however it is still within the bearish rectangle intraday. The price needs to break above the trend for a higher probability of more upside.

On any other chart I would immedietly say that the Weekly price action is far too sharp to the upside and may see a larger reversal move to the downside. However, the bullish momentum of NVDA is far too strong and too immense that I am really not sure if there will be some sort of reversal, or if the stock will move sideways then continue its run up.

Considering the stock split psychology, investors are already used to the price being in the $1000s. This mindset suggsts that the price could keep running up since the overall sentiment is heavily bullish which means charting NVDA is incredingly difficult.

I wouldn't call this an upward channel, however if I draw a parallel line to align with the rising higher lows, there is a possible breakout above the upper trendline. Again, on any other stock I would say this is far too sharp of a spike up, however because NVDA has this sort of strength, I cannot say if this is an indication of a reversal. Sideways for a few days may even be more bearish than not, but again this is a really tough chart to look at and find structures.

There is however multiple bearish upside gaps from the $68.888 - $74.22 range, $86.237 - $87.04 range, $96.02 - @101.52 range and the $126.88 - $127.40 range. Other than that, there are no clear structures forming and no notable selling liquidity on the higher time frames which could suggest that sellers are staying away from NVDA long term.

Another rising channel, however this one has more structure than the Daily chart. The upwwards trendline is technically not a trendline as it only has 2 points of contact, but it is helpful to visually see where a possible brekout or resistance could be.

There are lots of buyers entering keeping up the price. Unlike Apple and Tesla, the current volume is overall Bullish on the larger time frames. There are no notable structures forming as the price continues to move higher.

The price is forming a very ugly rising wedge on the 1 Hour which I don't have any sort of confidence that will play out given its overall price action. NVDA has a high probability to continue higher without any need for technicals. Buyers stepped in yesterday at $126 and since then there are no other structures forming.

Similar to Tesla and Apple, the current intraday downtrend is too sharp and the price reached buying liquidity at the lows of the day. There are no notable structures on the 15 minute chart and unlike Tesla dna Apple, no larger selling liquidity at the highs.

The price is entering some selling liquidity at the upper $120s, however if the lighter buying liquidity was enough to move the price to the upside selling liquidity, I am not sure of the sellers overall strength. We could see a move further to the upside on the day, if not, then a revisit of the buying liquidity is highly likely.

On the day, NVDA has moved mostly sideways. There is a possible breakout structure forming for more upside, however buyers will need to increase their volume as sellers continue to try to keep the price down. You can tell there is a battle right now from the wicks of the candles.

The price is currenrly re-entering the structure and may sweep in either direction as the wicks get larger. I personally would stay out of NVDA until there is a clear Retest and Rejection of the structure with more volume.

Thank you for reading and all of the support! Hopefully you found the charts to be informative and consistent. At the time of writing, the SPY is trending lower on the day as the market tries to digest yesterdays FOMC meeting and the economic data released on the week.

As a way to say thank you, here are the current Options Screener alerts on the day:

Unusual 25,000 Buyer @.85

Unusual 15,000 Buyer @.86

Unusual 15,000 Buyer @.25

Unusual 19,100 Buyer @1.22

Unusual 10,000 Buyer @.86

Unusual $39,690 Buyer @.20

Thank you all again for the support and I hope you have a great day in the Market