Curr: Short Looking to: Cover @ 13,271
As of 2/19/21 close: 13,576
LAST WEEK: We suggested selling longs / getting short at last week’s levels with stops on a close above 14,100 and with a target for covering / getting long at 12,810.
UPDATE: NQ futures had a laggy week last week as most of the FAANG stocks traded conspicuously bearishly. Currently, only GOOGL stands out as still leading the way on the upside among that small group. Elsewhere, we are seeing supply constraints in the chip space push certain semi stocks higher. Without that, we might be seeing even worse action in NQ futures. We would look to cover shorts at 13,271 and get long at 12,810. Stops on longs should be honored on a close below 12,725 and the upside target will be 14,100.
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