Among the mega cap names, five which of course includes Nvidia have contributed to over 60% of S&P's gain in the initial 5.5 months of the trading year. This past week however, we witnessed some broadening in participation on Monday as more of the sectors looked green including Financials, Industrials, Consumer Staples and Consumer Discretionary. Tuesday however saw some subdued action as the exuberance from the one day broadening of participation dissipated to some extent. Do we move higher after the one day break from the Juneteenth holiday? Even in the tech space we have renewed strength from the likes of Broadcom and Micron who are now in the AI benchmark stocks. Is this AI hype going to be bigger than the earlier ones in technology? We will have to see. We give below our perspective in some of the important tech names that have contributed to this massive rally in the broad markets and of course in the tech laden Nasdaq index.

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1. Meta Platforms Inc (META) 

Pulled back about 1.41% settling at 499.49 down $7.14 for Tuesday. Off initial fib resistance at 411, we could quickly head lower into the 491 price area into the end of this week. Short term support now sits in a wide price band from 467.80~485.67.

1. Apple Inc.  (AAPL) 

Pulled back on Tuesday closing down 1.1% to 214.29 and now sees support between 200.35~208 and if that holds expect 227.78 on the next rally.

1. Amazon (AMZN)  

Support between 179.55~181.30 with the last level of support at $177. Pulled back 0.68% on Tuesday. If support holds, expect 192.18 into the next tech rally.

1. Netflix (NFLX) 

This streaming service has made some technological and content enhancements and continues to look bullish into the Tech earnings kick-off for calendar Q2. Tuesday saw a solid move to the upside with the stock adding $9.84 or 1.46% to its value. While this is looking overbought short term into the earnings period we are thinking that the current gains will not be able to push this stock much above $700.

1. Alphabet (GOOGL) 

Last trading session saw us shedding $2.15 or 1.21% settling at $175.09. Support now at the recent double-bottom at 172.76 holding which we could see this rallying minimally to $183 on the next leg up.

1. Microsoft (MSFT) 

Another dominant player in the AI space closed down $2.03 or 0.45% on Tuesday, but the current rally has a $452.58 price target with support way down below between 419.36~428.54. We could push up to $460 heading into the next earnings cycle.

1. Nvidia (NVDA) 

Closed higher $4.60 on Tuesday to settle at $135.58. Support now between 131.72~134.27 with targets that range from 138.17~141.64.

1. Broadcom Inc. (AVGO) 

Pulled back after a massive rally into its earnings last week and making a high this past Monday at $1883.94. Support zone has a wide range between $1702~1768.34.

1. Tesla (TSLA)  Honestly not really belonging to this list

Closed Tue at 184.86 down $2.58 or 1.38%. Bounced off support on Monday at 176.65. If this support holds, we are headed to $197.31.

1. Micron Technology (MU) 

Closed up $5.62 or +3.6% on a massive move higher on Tuesday and is slated for continuance. Support is between 145.50~149.75 with immediate targets at $161.25

1. Qualcomm Inc (QCOM) 

Smooth move higher this past Tue in continuation of the move higher on Mon. Settled at $227.09 which is up +4.87 or 2.19%. Support between 218~222, with immediate target at $235.30.

1. Oracle Corporation (ORCL) 

A couple of Friday’s ago this stock was at $114.55, but closed on Tue at $145.06 up a whopping $3.33 or 2.36%. Support here is between 134.70~138.46  with immediate price target at $148.50.