@WatcherGuru Bravo........ Corruption at its finest on both sides of the spectrum. They say something, and they do the total opposite behind closed doors.
$ASML reported Earnings this morning, which is our first glimpse of demand for specialized AI chips. ASML beat The Street's estimates in every metric, which is a positive sign for the company and the technology sector.
That said, however, let's note on my attached 4-Hour Chart setup that the good news on Earnings occurred atop the upleg from the March 2026 low at 1221.00 to the end-June ATH at 1999.96. As good as the results were, which initially triggered a knee-jerk up-spike from 1775.28 (Jul 14th close) to 1916.16 (+7.9%) during this AM's pre-market trading, ASML has relinquished 2/3 of the gains ahead of the opening bell. I consider this behavior a function of the good Earnings news coming a full 45% above the March 2026 pivot low, rather than any fundamentally based reason for the give-back.
As long as any forthcoming additional weakness is contained above yesterday's close of 1775.28, ASML's high-level, bullish digestion period and pattern carved out since the Jun 30th ATH at 1999.96 will avert any meaningful technical damage. As such, ASML will remain in the grasp of a very high-level bullish digestion pattern that argues for upside resolution in the days ahead that takes out 2000, for a run at 2080-2100.
Only a close below 1775.28, and downside follow-through beneath consequential pattern support lodged between 1705 and 1725 will reverse ASML into a serious correction.
@WatcherGuru Illinois you say....!! ๐ง, they're broke they would try anything. I won't be surprised if they come up next year with a law that tax you on hold on it.
They're just mad they haven't got in early.