The daily charts below highlight some key support levels on some of the market-leading tech stocks (FKA as FANG, FAAMG, & then Magnificent 7) with the most significant nearby support levels (price and/or trendline support) in yellow with the same longer-term key support levels from last year still in purple.
The white lines also highlight nearby support & resistance levels that both swing & trend traders can use, depending on their outlook for the market and/or any of these particular stocks. i.e.: Those looking to short or add to shorts might wait for a break below any (or even better, all) of the nearby yellow support levels while those bullish & looking to go long could add to pullbacks to those support levels, with stops somewhat below.
Additionally, those looking to go long or short the tech-heavy Nasdaq 100 (/NQ, QQQ, etc..) could also use pullbacks or breaks of these support levels to help confirm (or refute) any buy or sell signals on the Nasdaq 100, such as a solid rejection off the primary uptrend line from the Oct ’24 lows (for short sellers) or a solid recovery & rally to close well above it. White arrows show my current preferred scenario & some initial targets, contingent on a solid rejection off the Oct ’24 uptrend line (which QQQ has backtesting for the 3rd consecutive trading session following last week’s breakdown below it) and a the 4 criteria from two weeks ago; Breakdowns below the Tuesday Feb 13th lows on SPY, QQQ, META, & AMZN (and of course, breakdowns of the first support levels shown at the initial arrows).
MSFT daily Feb 26th
AAPL daily Feb 26th
NVDA daily Feb 26th
AMZN daily Feb 26th
META daily Feb 26th