Markets Hit All-Time Highs: What's Next?

Summary

Markets are gapping up and trading above all-time highs on both the SPY and Q's. Key economic events this week include consumer confidence on Tuesday and PCE price index, GDP, and unemployment claims on Thursday, with no major high-impact news expected. Nvidia's recent earnings were neutral, but other semiconductors like Marvel, Snowflake, and Dell are showing strength, with Dell and Marvel also at all-time highs. On the charts, the SPY and ES are maintaining a bullish stance, with key levels around 750 and 7540 respectively, and the game plan is to stay long above previous day highs. The QQQ is also at all-time highs, with 722 being a critical level to watch. The Semiconductor ETF (SMH) is showing bullish signs, back at all-time highs with 580 as a key level. The IWM has completed a weekly break and retest and is heading towards the 300 mark. Individual tech stocks like Tesla are building higher lows but lagging the broader market, while Nvidia is consolidating above its earnings low. AMD is looking strong, pushing towards 500, and Apple is continuing its upward trend above 310. Google is showing some weakness and needs to hold 380, while Microsoft and Meta are consolidating. Amazon is bullish above 260, aiming for 280, and Netflix needs to reclaim 90. Leaders in the semiconductor space include MU and SNDK, both at all-time highs, while Intel is lagging but showing signs of a potential flag pattern. Dell and NVTS have broken out and are at all-time highs. The overarching strategy is to maintain a long bias above previous day highs, with a focus on strong performers like AMD, Apple, Amazon, MU, and SNDK for intraday trades, while other names offer longer-term swing potential.