Stocks in Focus as markets take a break from rallying (QQQ,NVO,ANET)

The QQQ’s are trading around flat this morning after gapping slightly lower on the open. 

$370 is now the first potential resistance in the QQQ’s with $372 next. Above that, the next targets are $378.10, $380 with a gap fill to $382.79 above that. The QQQ’s 12-month highs are at $387.54. Beyond that, targets to the upside are $390 and then $400. 

The first potential support is now around the $364 area. Below that the next targets to the downside are  $362, $360, $357 with a gap to fill at $354.50.

NVO –   Novo Nordisk A/S (NVO) is a healthcare company that engages in the research, development, manufacture, and marketing of pharmaceutical products worldwide. Last week the company announced that one of its drugs reduced the risk of major adverse cardiovascular events by 20% in adults with overweight or obesity. The stock gapped up to all-time highs on the news, and continues to hold higher. NVO is making a flagpole pattern, and if it can break out here we think there is potential to go much higher.

ANET – Arista Networks crushed earnings and issued positive guidance in early August. It gapped up big on the news and has consolidated near all time highs for a few weeks now, despite the overall market selling off. This is an example of relative strength. ANET seems primed for a breakout higher and a continued move higher to new all-time highs. 

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