It was a decent move last night in the US markets with all the major indices moving up:
Dow: +0.89%
S&P 500: +0.72%
Nasdaq: +1.47%
Russell 2000: +1.78%
When Nasdaq and Russell leads, it is often a good indicator that the trend is still holding up. Nasdaq was really held up by the mega tech names, Apple (+2.52%), Microsoft (+5.62%), Telsa (+3.79%) and Nvidia (+3.73%).
With the hottest news on Microsoft looking to acquire TikTok US operations and in a few other countries, Microsoft made a good +5.62% move overnight with almost 79 million shares traded and likely would see more price action in the coming weeks leading to September 15 where this is the deadline imposed by the US government. If this does not go through, it is very likely that the share prices are going to take a hit.
Volume: it is higher than the norm from the charts (almost 79 million shares traded). Last traded with volume closest to this was on 23 July with around 67.45 million shares traded.
Fibonacci: if it stays above 213.83, it is likely testing the next level of 220.77.
Moving Average: it is now above its 20MA after 7 days being under it, will need to see if it continues to hold above its 20MA. Overall trend is still up.
Weekly chart still shows extended steep uptrend, some consolidation took place since 06 July so will need to see if it is sufficient for it to move to the next level. Take note that it is close to its all time high at 217.64 so may form a double top pattern.
Microsoft Daily
Microsoft Weekly
*I currently hold Microsoft shares.
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