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.
Russell 2000 (IWM)
There is a similar pattern that has formed in the Russell index as well.
Micron was a big winner today, with the stock clearing resistance at $36.40. It opens the door for a rise to $38.70.
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.
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
Roku tried but failed to get over resistance at $94, not a good sign.
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.
off to swimming lessons for my kids
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.