Welcome to this detailed analysis of the US blue-chip stocks and major indices as of Sunday, May 11. This article delves into key market movements, technical setups, and potential opportunities across a range of leading stocks and indices.
Drawing on insights from Zak Mir’s comprehensive market overview, this piece aims to clearly understand current trends, resistance and support levels, and what to watch for in the coming weeks.
Zak Mir takes a charting look at S&P 500, Nasdaq 100, Apple, AMD, Amazon, Alphabet, Coinbase, Hims, Microstrategy, Netflix, Nvidia, The Trade Desk, United Healthcare.
Market Overview: S&P 500 and NASDAQ 100
Starting with the broad market indices, the S&P 500 currently finds itself in a tight range, sandwiched between the 50-day moving average at around 5550 and the late March resistance level near 5770. A close above 5770 would be a bullish signal, potentially paving the way toward the record highs seen in February, although those highs now feel like a distant memory for many investors.
On the downside, if the S&P 500 falls below the 50-day moving average, the next key support level to watch is the old February support line projection at 5380. One technical indicator helping to set the tone is the Relative Strength Index (RSI), which currently stands at 57. This reading is just above the neutral 50 level, suggesting that the market’s technical glass is “half full” rather than “half empty,” implying a cautiously optimistic outlook.
The NASDAQ 100, which has recently underperformed relative to the S&P 500, is now showing a similar technical setup. Its RSI is slightly higher at 59, signaling a modestly stronger momentum. The NASDAQ faces resistance at the top of a falling trend channel dating back to February, around the 20,400 level, while support lies near the 50-day moving average at 19,400.
If the NASDAQ breaks down below that 50-day line, the next target could be the top of a gap from April at 18,600. On the upside, surpassing 20,400 could lead to a test of the highs, though given the tariff-related declines and the lingering negative sentiment among major players, that rally may require a significant shift in market mood.
Apple (AAPL): Testing Key Resistance and Support Levels
Apple’s recent price action has been quite distinct compared to many other tech giants. Its peak came back in December rather than earlier this year. Since then, the stock has fallen out of its rising trend channel in March and has struggled to regain momentum, especially after a significant gap down.
Currently, Apple faces resistance near its 50-day moving average at $211, which also coincides with a February resistance line. The stock’s RSI is at 43, below the neutral 50 mark, indicating weaker momentum and the possibility of further downside.
On the support side, Apple’s recent April lows around $190 look set to be tested if the stock remains below the 50-day line. This level will be crucial in determining whether Apple can stabilize or if it will see continued pressure in the near term.
Advanced Micro Devices (AMD): Signs of a Turnaround
Advanced Micro Devices has not participated fully in the market rally seen earlier this year, especially after the political backdrop of the US presidential election. However, recent price action suggests a potential turnaround.
AMD experienced a bear trap reversal—a bullish technical pattern—where the stock gapped lower at the end of April but then gapped back up. This pattern is typically a strong signal of renewed strength.
Currently, AMD is eyeing resistance around $120, which marks the top of a broadening triangle base formed since February. The 50-day moving average at $98 has been rising, providing solid support. The RSI has rebounded above the neutral 50 level, reinforcing the idea that AMD’s turnaround may have legs.
Amazon (AMZN): Breaking Out of the Downtrend
Amazon is another major stock attempting to regain its footing. The stock recently broke above a falling trend channel that had been in place since the start of the year, as well as its 50-day moving average at $190.
This breakout opens the door for Amazon to retest late March resistance, a pivotal point for many stocks and markets. The key will be maintaining strength above the 50-day moving average; dropping below it risks testing the late April support just under $180.
Alphabet (GOOGL): Struggling to Hold Ground
Alphabet, also known as Google, has had a challenging period. The stock failed to maintain its position above the falling 50-day moving average and dropped out of a long-standing rising trend channel that had been in place since early 2024.
Now, the former floor of that channel has turned into resistance, with the RSI sitting at a weak 43. The next critical support level lies at $143, the April lows. If Alphabet falls below its 50-day moving average at $162, a retest of this support is likely, which would be a bearish sign.
Coinbase (COIN): Mixed Signals Amid Bitcoin’s Recovery
With Bitcoin climbing back above the $100,000 level, one might expect Coinbase to benefit strongly. Indeed, the stock has recovered from its lows and formed a potentially bullish inverted head and shoulders pattern over recent weeks.
However, Coinbase has hit resistance at the neckline of this formation around $212. An end-of-day close above this level is needed to confirm a breakout and target the next resistance near $233. This scenario could play out by the end of next month if the stock remains above its falling 50-day moving average, which is just below $190.
On the positive side, Coinbase’s RSI remains above the neutral 50 level, suggesting underlying strength. That said, Friday’s price action included a key reversal to the downside, which tempers the optimism somewhat.
Hims (HIMS): Bullish Setup with Strong Momentum
Hims is generating significant buzz on social media, and for good reason. The stock has displayed a classic bear trap high reversal pattern, characterized by two gap-downs followed by a strong gap up at the end of last month.
Currently, Hims appears to be consolidating in a mid-move bull flag pattern. A decisive end-of-day close above Thursday’s resistance near $54 could set the stage for a retest of this year’s best levels around $74, potentially as soon as the end of this month.
Moreover, the 50-day moving average is rising, adding to the bullish technical backdrop and suggesting momentum is firmly on the upside.
MicroStrategy (MSTR): Riding the Bitcoin Wave
MicroStrategy’s fortunes are closely tied to Bitcoin, and the recent cryptocurrency rally has helped push the stock higher. The stock has been trading within a rising trend channel since September last year and is currently testing the November peak near $534.
Support lies around the old 2025 resistance at $444, which the stock remains above. Given the double gap high observed over the past week, MicroStrategy offers a compelling risk-reward ratio for investors betting on further gains driven by Bitcoin’s momentum.
Netflix (NFLX): Pausing Amid Strong Momentum
Netflix continues to show strength, though it is currently undergoing a mid-move consolidation phase. Recent support is holding around $112.50, while resistance lies near $116.
A breakout above this level could propel the stock toward $130 by the end of next month, continuing the strong upward trend seen earlier.
NVIDIA (NVDA): Key AI Benchmark Under Pressure
NVIDIA remains a key player in the AI revolution, but its recent price action has been less than encouraging. The stock has experienced lower lows, indicating some weakness in momentum.
However, NVIDIA is still trading above its 50-day moving average at $111, which offers some technical support. If the stock maintains this level, it could retest late March resistance at $123 by the end of this month.
For those bullish on NVIDIA’s longer-term prospects, the top of the falling trend channel near $134 by the end of next month represents an ambitious target.
The Trade Desk (TTD): A Beautiful Bear Trap Reversal
The Trade Desk presents a very attractive technical setup. The stock experienced a massive bear trap island reversal, with two significant gap downs in February followed by two gap ups recently.
The target price is the floor of the first gap down from February, around $85, which could be reached by the end of this month if the stock holds above neckline resistance near $63.
Any weakness back toward this neckline should be viewed as a buying opportunity. Additionally, there has been a strong bullish divergence, with lower lows in April accompanied by a sharply rising RSI, indicating a likely turnaround despite the volatility.
UnitedHealth Group (UNH): Ultra-Oversold but Risky
UnitedHealth Group has been falling sharply, with the RSI plunging to an ultra-oversold reading of 23. This paints a picture of a stock in distress, but also one that may be ripe for a rebound if the right conditions emerge.
Support was previously found around the 380 level, which could serve as a crucial floor if the stock manages to close above the old support line from 2021 at 384.
For brave investors willing to “catch a falling knife,” an end-of-day close above 384 might signal a potential buy opportunity and the start of a rebound.
Conclusion: Navigating the Blue Chip Landscape
As of May 11, the US blue-chip market presents a mixed but cautiously optimistic picture. While indices like the S&P 500 and NASDAQ 100 hover near key technical thresholds, individual stocks display a wide range of setups—from clear turnaround signals in AMD and The Trade Desk to ongoing struggles at Apple and Alphabet.
Technical indicators such as RSI and moving averages provide useful guideposts in assessing momentum and potential support or resistance zones. Stocks tied to Bitcoin, like Coinbase and MicroStrategy, remain sensitive to cryptocurrency trends, adding an additional layer of complexity.
For investors and traders, the coming weeks will be critical in confirming whether these patterns lead to sustained rallies or further corrections. Staying attuned to key price levels and technical signals will be essential for making informed decisions in this dynamic market environment.
Keep monitoring these levels closely, and remember that while technical analysis provides valuable insights, it should be combined with broader market context and fundamental considerations for the best results.
