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Scott Redler: Semiconductor stocks are over-heated as oil gains and USO rises 4 percent
Scott Redler, Chief Strategic Officer at T3 Live and T3 Trading Group, highlights that semiconductor stocks remain highly over-heated, while oil prices are regaining significance. USO, an oil ETF, is up roughly 4 percent. He points out that 7147 is a critical micro support level, and 7098 aligns with the more substantial support near the 8-day trend in this active market sequence.
Market participants are watching whether current levels hold as activity builds toward the next Federal Reserve move.
Redler previously shared a live premarket update covering stocks and ETFs, including NVDA and TSLA, in his coverage of early trading activity. He has also identified $591 as a major resistance level for QQQ following a recent tech sector rally, according to a recent market note. These observations come as traders weigh key levels across multiple sectors.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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