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FAANG Splinters - Weak and Strong Pullback Targets

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Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

Nasdaq-100 Stock Index / Technical Analysis

<a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" rel="noopener" data-smartkarma-citation="entities:26197:1">Nasdaq-100 Stock Index (NDX INDEX)</a> has been the pillar of strength in the US equity cycle as breadth becomes increasingly narrow and a concern going forward given the NDX has formed a bearish rising wedge in price and RSI.The top 6 tech stocks represent 22% of SPX strength and if this group rolls over then we will see pronounced weakness not only in tech and the SPX but in the global cycle. This is a key focus in our recent insight <a href="https://www.smartkarma.com/insights/faang-splinters-weak-and-strong-pullback-targets" target="_blank" rel="noopener" data-smartkarma-citation="insights:39366">FAANG Splinters - Weak and Strong Pullback Targets</a>  which pinpoints fade targets in the weaker group as well as pivot support breaks that would inflect the NDX.This group is over owned and crowded. All it would take is a nudge from SOX weakness and NDX RSI support to inflect the NDX.We are seeing frothy readings for tech which has been our long vehicle from the late March lows.

Nasdaq-100 Stock Index (NDX INDEX) has been the pillar of strength in the US equity cycle as breadth becomes increasingly narrow and a concern going forward given the NDX has formed a bearish rising wedge in price and RSI.The top 6 tech stocks represent 22% of SPX strength and if this group rolls over then we will see pronounced weakness not only in tech and the SPX but in the global cycle. This is a key focus in our recent insight FAANG Splinters - Weak and Strong Pullback Targets  which pinpoints fade targets in the weaker group as well as pivot support breaks that would inflect the NDX.This group is over owned and crowded. All it would take is a nudge from SOX weakness and NDX RSI support to inflect the NDX.We are seeing frothy readings for tech which has been our long vehicle from the late March lows.

When to Sell NDX, the Last Bastion of Strength