The overall market gapped higher this morning after Jobless claims came in higher than expected. Strong earnings from Disney also fueled risk on sentiment in the pre-market although so far there has been some selling post the open.
The QQQ’s found sellers once again this morning around the $309 area. Below it, targets to the downside are the $302.30 area which was this week’s low and support so far this week. Next target lower is the psychologically important $300 level with $294 and $290/$288 below that. Below that there are levels at $284 and $280.
Above $309 the next target to the upside is this week’s high of $311.03. The next levels higher are $313.68. $320, $323 and $330.
- Cowen reiterates Home Depot as outperform
- Morgan Stanley reiterates Activision Blizzard as a top pick
- Barclays upgrades New York Times to equal weight from underweight
- Baird downgrades Bunge to neutral from outperform
- JPMorgan reiterates Uber as a top pick
- RBC downgrades Affirm to sector perform from outperform
It would be interesting to see if the bulls continue to move higher or will the bears prevail in the next couple of weeks.