One quick thought on the overall equities market – it looks overbought, especially today, and is in need of a consolidation period to build additional buy consensus. Despite many intraday fades, there were a few stocks that managed to close near their highs of the day after an already strong long swing. Here are a few I’m watching.
GOOGL – nice daily, but at resistance here.
GOOGL daily
IIPR – Boom. I can’t add here (feels like chasing), but this stock is very much on the watch list in hopes of a more desirable entry.
IIPR Daily
ADBE – after dropping post earnings, ADBE is showing consolidation strength and finished at HOD here at resistance levels. Feels higher.
ADBE Daily
AMED – very large triangle building up with a textbook horizontal midpoint resistance. Looks like a low risk swing long if it steps above sma50 (red line).
AMED Daily Chart
SQ – I’m ready for this to move. I don’t like the low volume, but it might be setting up.
SQ Daily
TSCO – has a swing look off bottom trend line, but needs to hold above sma20 (red line).
TSCO Daily
FTNT – I’m long here and the chart is still healthy. I like today’s candle and I have a 1/2 position sale at 92.
FTNT Daily
