Here’s Why June 27 Just Became A Big Day For Stocks

Stocks had a strange day. The morning surge vanished by mid-day when investors realized that the 90% thing with China was nothing new. Anyway, from a technical standpoint, it appeared as if it might have only been a gap fill from the morning jump.

S&P 500 (SPY)

The good news is that support for the index held at 2,915. The bad news is there now an obvious downtrend in place. It has also created what appears to be a weak falling wedge. Usually, that is a bullish reversal pattern, but I worry with the giant gap at 2,895 this time it won’t be. We find out tomorrow.

S&P 500

S&P 500

Russell 2000 (IWM)

There is a similar pattern that has formed in the Russell index as well.

russell

russell

Micron (MUWealth Strength IndexMU is Extremely Up and trending Up)

Micron was a big winner today, with the stock clearing resistance at $36.40. It opens the door for a rise to $38.70.

micron, mu

micron, mu

Qualcomm (QCOMWealth Strength IndexQCOM is Extremely Flat and trending Down)

Qualcomm keeps plowing ahead and is moving on towards $76.60.  Believe it or not could go even higher, to maybe $82 depending on what happens at $76.60.

qcom, qualcomm

qcom, qualcomm

Nvidia (NVDAWealth Strength IndexNVDA is Extremely Up and trending Up)

Nvidia is nearing a big break out that could send the stock back to $178. Nvidia’s Stock Is On The Verge Of A Big Run Higher

nvidia. nvda

nvidia. nvda

Roku (ROKU)

Roku tried but failed to get over resistance at $94, not a good sign.

roku,

roku,

Facebook (FBWealth Strength IndexFB is Extremely Up and trending Up)

Facebook failed at $194.50 now two occasions, and a significant uptrend is now coming into play. A drop below the uptrend sends the stock lower to the first gap at $180.

facebook, fb

facebook, fb

off to swimming lessons for my kids

-Mike

This article first appeared on Mott Capital.

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