The three major US tech stocks in this analysis are moving in different directions, but all look as if they are bullish over the longer-term.
Apple looks like it's going to open a little bit lower during the session here on Thursday, but quite frankly, we had seen a massive gap higher on Wednesday. So that makes a little bit of sense as profit taking will probably come into the picture. And of course, traders are sort of focused on the jobs report on Friday, which could have a major influence on risk appetite. There's nothing on the chart that looks bad at all. And it looks like we just exited a bullish flag, which in theory could send this market to about $265 over the longer term.
Amazon looks like it's going to jump at the open, perhaps trying to break the recent high. If we can reach the $235 level, then we face the latest major swing high. And breaking that, of course, would be a major victory for the bulls, as that was the drop from the earnings call where we gapped lower. We have filled that gap twice now. So, I do think it's probably only a matter of time before we jump again and Amazon certainly looks like it's ready to go much higher.