# What to Watch Today (2026-08-05)
Tech stocks face a critical momentum test as the Nasdaq pushes toward new highs while Apple battles major support levels.
Bullish Momentum Plays
QQQ ($723.85) — The tech ETF is riding Microsoft's coattails toward our $740 target. With RSI at a healthy 58 despite last week's 7% surge, there's room for another leg higher. Watch for a break above $730 to signal continuation.
AMZN ($277.42) — Amazon's 20% weekly rocket ship aims for $285, though RSI at 67 suggests we're approaching peak momentum. Any pullback to $275 offers a reload opportunity.
LRCX ($317.74) — The semiconductor equipment leader is capitalizing on sector rotation with a 17.8% weekly surge. Target remains $330 as chip infrastructure spending accelerates.
Bearish Breakdown Watch
AAPL ($309.38) — Apple's 9% weekly plunge has it testing critical $300 support. China weakness and memory constraint concerns are weighing heavily. A break below $300 opens the door to $290.
COIN ($150.73) — The crypto proxy continues bleeding, down 10.2% weekly as digital asset momentum fades. Watch for a break below $145 to accelerate the decline toward $140.
Top Trade: QQQ Long Setup
The highest conviction play today is QQQ long above $730 with a target of $740. The Nasdaq's momentum remains intact with healthy internals, and Microsoft's strength is providing crucial leadership. Risk management at $720 keeps the trade tight while offering 2:1 reward-to-risk.
Today's Catalysts
Light economic calendar today with no major earnings or Fed speakers scheduled. Focus remains on technical levels and sector rotation dynamics as we head into the final trading sessions before the weekend.