 Hey guys, this is Hyder from xtrade back with another weekly video and in this video we'll look over their recent The recent price action will go over the indices and we'll also look for the stock market outlook in general for April 2024 right so as usual we'll start off with the indices start off with SPY and QQQ So let's take a look at the daily chart So it looks like this uptrend Let's see if it's still So yeah, it is still holding but it looks Looks very very stretched right it looks like it wants to break down here So I'm not sure how long this will continue to last But like I always say follow the trend until it changes, right? There's no need. There's no reason to fight the trend right now. We are still acting pretty bullish We had very very nice rally here And then we had a little two week old flag and then we broke out and this week We pretty much just put in a consolidation bar. We put it now inside bar here, right? So overall indices are acting really well Uptrend still intact. So yeah, not much else to say Let's take a look at QQQ So QQQ looks a little bit weaker recently Tech looks like it's getting a little bit weaker and QQQQ actually is losing its uptrend here. So that's not the best sign, but Overall, it's not like it's flushing or it's not like it's aggressive selling It looks like it's just pulling back in very slightly slightly, right? It's like a healthy pullback essentially overall I would say this is pretty healthy price action. I think I think the market looks like it just wants to chop and If you take a look at the weekly chart, we did have a really really strong rally, right? Starting from November last year. So overall, I think this is good action Yeah, I wouldn't be surprised to just see a couple more weeks of consolidation So I think April could just be a very very choppy month in general and we could just consolidate and Yeah, I think that would be healthy considering the rally that we had in November, right? We're starting from November overall both SPY and QQQ Q very very strong And how much else to say and if we do pullback? I think it'll be a healthy pullback. I don't think there's gonna be any like I don't think there's gonna be like the flush or anything. I don't think this is a market top I think we just want to get chop around and digest prior gains Yeah, let's take a look at some big cap tech stocks. Let's start off with Tesla So Tesla looks like Tesla kind of looks like it's forming a bear flag here again If you zoom out, this is the first leg down and then this is the bear flag And then this is the second leg down and then this is another bear flag So maybe we get one more leg down and then we could potentially bottom but yeah overall Tesla not the best Price action and it's still very very much in a deep downtrend. So Yeah, don't fight the trend on this one Yeah, until this trend line breaks, I think There's no point in even considering longs for Tesla right now unless you will have a bigger timeframe. Yeah Next up, let's take a look at Meadow. So Meadow looks like it's just consolidating this week Overall healthy price action key support level is at that 470 level. Let's take a look at the daily chart So it matter is And like the short-term downtrend here, it's been pulling back for a couple days in a row now Overall good action. And yeah, there's a key support level at that 475 if we lose that then we can gap though Overall Meadow is acting pretty well. It's just consolidating its gains Overall, yeah, Meadow also had a very very strong rally starting from 2022 actually Yeah Next up, let's take a look at Apple So Apple actually looks like he wants to break down here that Yeah, that 169 level was very very key if we lose that then we could definitely see a bigger flush And we can make we could see a move potentially all the way back down to that 156 level So yeah, Apple you definitely do want to be careful here Feel if it loses that 169 level. I think this is sort of really good short set up Next up Netflix Netflix is in a very very steady uptrend Well, last week it also started pulling back just it just a little bit But overall it's still acting really well and it looks like it's just starting to consolidate more here So overall, I would say Netflix is acting great and yet key resistance level 623 key support level 591 Next up, let's take a look at Microsoft Microsoft is putting inside weekly or here on the weekly chart Yeah, overall Microsoft's acting well, too They'd have a pullback last week, but it is holding that 420 level which is a key support level So overall Microsoft's acting really really well And it's acting the best out of all the big tech names, I believe Next up Google Google had a very nice rally last week or the last couple weeks But ever since the bottom dog Yeah early March has had a really really nice rally and now it looks like it's starting to like form flag here I think Google was the only one that didn't pull back much this week, but cool is forming a really nice flag strip So yeah, this is definitely a top watch for next week Nvidia King of the markets This one looks like it's pulling back in a little bit more here on the weekly chart It looks like it just needs more consolidation had a huge huge rally, right? So just a couple more weeks of consolidation wouldn't hurt, right? So I think overall Nvidia is acting really really well We just need some more consolidation just because I had such a strong move up So overall Nvidia still very very bullish AMD So AMD looks like it's forming forming a nice setup here again If it can clear that 184 level this would be a good long set up and it looks like it's trying to break that downtrend So overall AMD could be a good option here. Good short-term bound straight Yeah, AMD overall looks pretty pretty good or pretty good here And yeah, I'll buy over that 184 level All right, let's take a look at some individual names now. I've been acting well before we do that We'll take a look at IWM and ARKK as well So IWM has been acting really well Still very very choppy name, but it looks like it wants to go for that 213 level Yeah, so it wants to go for that 214 level And if you can hit that then there's a good chance that we'll hit some turbulence there And that's a very key resistance level. So we'll see what happens But overall IWM has been acting really well since Since the start of 2024 it's been acting well, and it's in a steady uptrend very choppy, but still steady Let's take a look at ARKK So ARKK still in this chop here nothing changed Polish above that 52.3 level there's 148.2 level. So still going sideways here So not bad not good. Just going sideways And now let's take a look at some individual techniques start off with the coin So coins actually forming a really nice flag set up here And this is one that I really like for next week. This is a solid setup But yeah, coins acting very very well and showing a lot of relative strength Next up Dell had monsters earnings gap up huge volume and it pulled back in and now it's starting to form Low setup here. So if it can clear that one 16 level looks fit for a long setup And if it loses the 110 level It could be a short trade, but yeah, Dell is offering a nice low risk good reward entry here SQ SQ had a nice pull flag set up last week It gap up and then I tried to break up a field, but it's forming another flag here again And yeah, this one looks like one like watching again next week on the weekly chart It looks like it's ready to break out of this big base. So overall SQ looks really really good Yeah, lots of potential for this name I have a recent IPO name. This one continues to grind higher and higher regardless of the Regardless of what the market is doing. This one just continues to grind higher and higher, right? So very very clear sign that institutions are buying up into the stock Ever since that big volume bar has just been in a very very strong uptrend. So this is a name that you definitely want to keep an eye on But this dog is in a very very strong uptrend as well. Had a nice pull flag set up Last week Oh many full flag here And yeah, it just continues to go higher and higher keys resistance at that 20 level psychological level overall hood looks really really good and I Do think it needs some more consolidation. There's no good like low risk setup here But yeah, it is definitely one to watch very very strong demand for the stock Next up a little why a little why is trying to break out here That 780 level is very very key if we can take that out and close above and this one looks like it wants to go to a hundred and Potentially a lot a lot higher, right? And yeah, these are the two key levels 780 and 743 next up crash strike Crash strikes actually forming a pretty nice pull flex it up here You take it if you take a look at the weekly looks a little bit better. So this one's really tidying up now So this one looks really good Yeah, this one's definitely one to worry or this one's definitely one worth watching for next week Lift this one also looks really good on the weekly chart had a huge earnings breakout huge volume Made a nice flag broke out now. It's bringing an inside bar here. This one looks really really good Yeah, this is another top set up for next week Forming a nice bull flag here You just the flag. Yeah Overall lift looks really really good here. This is definitely top set up See what else we've got SMC I SMC I did have a nice rally nice bounce off that 850 850 low around 850 But it's starting to form another bull flag here. So see what happens Overall, it's acting pretty well, and I think if it takes out that 1044 level, this could be a nice short-term long play And last but not least CGC this one is We'd stuck each stocks have been acting really well And I'm SOS the US cannabis ETF. This one's also acting really well too. It's breaking out of this base and Yeah, nice volume But yeah CGC Is on my radar because of that volume Take a look at the weekly chart Look at how significant that weekly chart or weekly volume looks Compared to like the previous part, right? Look at these bars and look at the previous bars This is a very clear sign that institutions could be loading up into the stuff So that's why I got on my radar and it did form a nice flag set up and then broke out on Thursday I didn't end up buying this one just because it was way too wide I want low risk setups, right? Yeah, this one's way too wide, but if it sets up again, then I'll be watching it So I just watching for it to form some sort of flag here with a tight stock loss But yeah, this one looks like it has a lot of potential and this one can easily double or triple right so yep But yeah, that's pretty much all I have for this week If you guys are interested in one-on-one mentorship feel free to DME on discord But yeah, have a great weekend and thank you guys for tuning in There's a reason why xTrades is currently the fastest growing application on the market for sharing financial ideas with over $2.5 million paid in the last two years to contributors Users are flocking to see what trades the top traders on the leaderboard are sharing in real time If you're looking to grow your reputation as a trader on the internet or discuss your trading ideas with other reputable investors Click the link below and get connected with the trading mentor today completely free of charge