NEOCLOUDS HAVE A MASSIVE DAY, SOFTWARE SLUMPS, TECHNICAL TUESDAY | MARKET CLOSE
NEOCLOUDS HAVE A MASSIVE DAY, SOFTWARE SLUMPS, TECHNICAL TUESDAY | MARKET CLOSE
13 hours agoAmit Kukreja@amitinvesting
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Note: AI-generated summary based on third-party content. Not financial advice. Read more.
Quick Insights

NVIDIA (NVDA) offers an attractive entry on pullbacks toward $220 support for a push past $240, while Tesla (TSLA) remains bullish above $350 with an upside target of $400–$415 ahead of its September 24 event. Qualcomm (QCOM) is a top momentum setup above $173 support following its Amazon partnership, with upside targets extending to $200–$215. Akamai Technologies (AKAM) represents a high-conviction value buy near its $102 support level, targeting a rebound toward $120–$130. In hardware and components, Western Digital (WDC) offers an attractive catch-up trade targeting $550, while Corning (GLW) is a solid buy on pullbacks toward $170–$175 for a move toward $200. In digital assets, accumulate Bitcoin (BTC) on dips between $70,000–$73,000 support to position for an anticipated year-end rally toward $82,850.

Detailed Analysis

S&P 500 ETF (SPY)

  • Geopolitical escalation involving strikes on Iranian oil infrastructure caused an end-of-day market pullback, driving crude oil to $93–$94 and raising bond yields to near 4.8%.
  • Key resistance is established around $775, with immediate overhead resistance at $769–$770.
  • Downside support levels to watch sit at $750 and lower support near $738–$740.
  • Key risk: Elevated oil prices may prevent Federal Reserve interest rate cuts, heightening macro pressure into the upcoming CPI print (expected at 3.4%).

Takeaways

  • Remain neutral ahead of Friday's CPI release; watch for potential dip-buying opportunities if the index tests support around $740–$750.

Invesco QQQ Trust (QQQ)

  • Tech showed relative resilience due to strength in select semiconductor and neocloud names balancing out slumps in enterprise software.
  • Primary lower support is holding around $699–$700, with overhead gap resistance reaching up to $730.

Takeaways

  • Expect short-term chop between $700 and $730 until macroeconomic direction clarifies after inflation data.

Meta Platforms (META)

  • Meta launched its Muse personal AI agents (internally known as "Hatch"), featuring a secure credential store, privacy encryption modeled on WhatsApp, and free usage up to 100M tokens/week before subscription tiers.
  • The stock spiked to $624–$625 on the announcement before falling back to close near $613–$617 amid broader market weakness.
  • Support is pegged at $585, while overhead resistance sits at $635.

Takeaways

  • Look for consolidation in the $585–$635 range as the stock builds a base; options traders can consider selling out-of-the-money call spreads around $685–$700.

NVIDIA (NVDA)

  • Traded down from morning highs of $234 to $225 during the late-day geopolitical sell-off.
  • NVIDIA continues to show technical strength compared to memory peers, maintaining an upward channel with a series of higher highs and higher lows.
  • Firm support is established at $220, with overhead resistance targeted around $240.
  • The company is expanding its robotaxi initiatives ahead of an upcoming Berlin event.

Takeaways

  • The pullback toward $220 offers an attractive risk/reward entry to position for a push past $240.

Tesla (TSLA)

  • Gained over 4% to trade near $368–$370, driven by optimism following the Cybercab and robotaxi developments.
  • Support is holding at $350–$355, which aligns with key simple moving averages.
  • Overhead resistance sits at $370, with an upside trajectory targeting $400–$415 ahead of earnings and the upcoming Semi event on September 24.

Takeaways

  • As long as the stock remains above $350, the upward trend remains intact with upside potential toward $400+.

Micron Technology (MU)

  • Showed late-day weakness alongside rising oil prices, closing near flat to slightly red.
  • Forming a technical double-top pattern near $1,050 resistance, with crucial support around $979–$980.
  • Holding the 20-day moving average near $980 could set up a potential short squeeze breakout toward $1,600 long-term.

Takeaways

  • Exercise caution near current resistance; wait for a confirmed hold of $980 support before adding new long exposure.

Western Digital (WDC)

  • Rose 2% on the day and is viewed as the primary laggard in the memory storage cohort compared to peers like Micron and SanDisk.
  • Currently testing support levels, with an expected catch-up move targeting $535–$550+.

Takeaways

  • Offers an attractive catch-up trade opportunity within the memory sector targeting $550.

Akamai Technologies (AKAM)

  • Highlighted as an undervalued Content Delivery Network (CDN) play benefiting from compute demand and edge traffic.
  • Bounced strongly right off the $101.57–$102.00 major support zone.
  • Upside resistance targets sit at $116–$117, with longer-term extension toward $120–$130.

Takeaways

  • Considered a high-conviction buy at the $102 support level, with long-term LEAPS/options setups favored for upside toward $120+.

Qualcomm (QCOM)

  • Gained 3% to $174 following news of a major partnership with Amazon involving potential share purchases of up to 25 million shares (~2% of the company).
  • Strong technical support sits at $173–$174, with resistance at $185–$188 and primary price targets extending to $201–$215.

Takeaways

  • Bullish setup above $173 support; October $190 calls offer upside potential toward $200–$215.

Corning (GLW)

  • Jumped 7% following the announcement of a new partnership with Verizon.
  • Technical breakout signaled off $145 support, with near-term resistance at $177–$187 and intermediate targets between $193–$200+.

Takeaways

  • Positive momentum makes pullbacks toward $170–$175 buyable for a continuation run toward $190–$200.

Bloom Energy (BE)

  • Rallied significantly off lows, up roughly 43% over recent sessions, trading around $279–$285.
  • Hitting major resistance at $280–$285; next upside extension level sits at $325–$330.
  • Lower consolidation support lies at $250–$254.

Takeaways

  • Short-term bounce trade is complete at the $280–$285 target; take profits or wait for a pullback consolidation toward $250–$254 before re-entering.

Intel (INTC)

  • Gained 9%–10% on strong foundry and compute optimism, climbing to $104.
  • Facing immediate overhead resistance near $113–$114, with a breakout pivot level at $120.

Takeaways

  • Approaching resistance after a sharp short squeeze; consider taking partial profits into $114 resistance.

Advanced Micro Devices (AMD)

  • Rose 5.5% to trade near $512–$515 on short-covering momentum.
  • Overhead resistance sits at $525–$527.

Takeaways

  • Favorable near-term squeeze, but upside remains capped near $525–$527 resistance.

Nebius Group (NBIS)

  • Surged 7.7% to $241 following its Palantir partnership and strong demand for AI compute infrastructure.
  • Pivot support is established at $220, with trailing support at $240 and overhead resistance at $280.

Takeaways

  • Maintain long positions and trail stop-losses up to $220–$240 as the stock pushes toward $280.

CoreWeave (CRWV)

  • Up 11% on the day near $99.81, benefiting from broad neocloud momentum.
  • Crucial pivot support sits at $98, with major overhead resistance at $108–$110.
  • A breakout above $110 could clear the path toward $140–$145.

Takeaways

  • Watch for a clean breakout above $110 to trigger a continuation move toward $125–$140.

Robinhood Markets (HOOD)

  • Facing heavy resistance around $122–$125 after a large multi-day run.
  • Anticipating a healthy consolidation pullback toward the $108–$110 level.

Takeaways

  • Avoid chasing at current resistance; look to accumulate on a retest of $108–$110 support.

Grab Holdings (GRAB)

  • Dropped 5% due to international oil price pressures affecting Southeast Asian transportation and delivery margins.
  • Strong fundamental growth remains intact: 50% EBITDA growth, 25% revenue growth, $5–$6B in cash, and an ongoing 6% share buyback.
  • Historical support sits firmly between $3.18–$3.20, with resistance at $4.20 and long-term analyst targets at $5.90+.

Takeaways

  • Heavily undervalued fundamentally; strong accumulate/hold zone near $3.20 support for long-term investors willing to wait out macro oil volatility.

Uber Technologies (UBER)

  • Fell 3.5% following a European bond offering that adds debt to its balance sheet, compounded by rising fuel prices.
  • Key support level to watch is $71.30.

Takeaways

  • Strong long-term technology leader; look for a buying opportunity if support holds at $71.30.

Apple (AAPL)

  • Anticipation surrounding the upcoming fall hardware launch, featuring potential $2,400–$3,000 top-tier foldable iPhone models and higher-priced Pro models equipped with the new A20 Pro chip for Siri AI.
  • Key line-in-the-sand support rests at $309–$310, with secondary support near $300.
  • Upside resistance targets sit at $325, with post-event breakout targets extending to $355–$360.

Takeaways

  • Wait for the launch event dust to settle; remaining above $309 maintains a bullish stance targeting $355+.

Take-Two Interactive (TTWO)

  • Traded slightly down near $240 due to rumors and uncertainty regarding the Grand Theft Auto VI timeline.
  • Pre-event resistance stands at $240, with long-term post-launch upside potential targeting $315–$345.

Takeaways

  • Accumulate on dips; a confirmed breakout above $240 unlocks long-term upside into the $315–$345 zone.

Bitcoin (BTC)

  • Down 2% to roughly $74,700, consolidating in a tight narrow range.
  • Resistance remains at $82,850, while major pullback support is established between $70,000–$73,000.
  • Coiling technical structure suggests a major expansion move heading into Q4 / year-end.

Takeaways

  • Accumulate on dips toward $70,000–$73,000 support in anticipation of a liquidity-driven year-end rally.

Coinbase Global (COIN)

  • Consolidating tightly alongside Bitcoin; viewed as the cleanest direct proxy for crypto upside.
  • Potential 30%–50% upside move if crypto breaks out of its current consolidation zone.

Takeaways

  • Preferred equity vehicle for crypto exposure; accumulate during broad sector pullbacks.
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twitter: https://x.com/amitisinvesting deepdives: https://amitsdeepdives.substack.com/ free news terminal - https://caktusjxck.com/ jason - https://x.com/PaperGainsInc jason webinar - https://event.webinarjam.com/wwqn3/register/mmrp7h7q?webinar_id=27 00:00 - Headlines 15:00 - Market Close 31:50 - SPY TA 42:20 - MU TA 53:20 - NVDA TA 59:00 - BE TA 1:00:56 - AMD TA 1:02:45 - INTC TA 1:04:23 - HOOD TA 1:09:07 - TSLA TA 1:16:04 - AVGO TA 1:18:49 - NBIS, CRWV, IREN TA 1:30:15 - GLW TA 1:32:15 - QCOM TA 1:37:48 - RKLB TA 1:40:15 - SPCX TA 1:44:00 - ASTS TA 1:45:00 - META TA 1:47:00 - PLTR TA 1:51:00 - Rapid Fire
About Amit Kukreja
Amit Kukreja

Amit Kukreja

By @amitinvesting

Breaking down stocks, business, tech. Thank you for following along the journey!