S&P 500 (SPY)
The S&P 500 was down about 35 basis points on October 22, nothing dramatic. The index failed at the 3,014 level all day, before finally moving lower around 2 PM. Support continues to be around 2,986, and I think much changed following today.
I’m still felt wondering why momentum stock got crushed again today.
Shop was down a lot today, over 6%, on no apparent news. The stock fell below $300 and could even fall back to $285 again. The company reports results on October 29.
Paypal fell by over 4% today and looks like it could go to around $94.
Mastercard was down almost 5% and could drop to $253 if these level around $262 doesn’t hold.
Square fell today by almost 4% and could decline to $56.
Intuit also fell by over 3% and needs to hold the $250 region.
Anything to do with global payments or its software did not have a good day. Energy stocks were the one stand out today, with the XLE rising by over 1.5%. There were a bunch of names in the group up over 3%, like Pioneer (PXD), Occidental (OXY), and National Oilwell (NVO). Perhaps it was a rotation from some of the better performers’ names into some of the underperformers. I do not know.
Finally, I’m surprised SNAP fell so sharply after hours. Maybe it’s one of these stocks that regroups tomorrow once trading resumes. Guidance looked fine, maybe I’m missing something, and I haven’t looked closely enough. $13.25 was firm after hours, though.
But what was really strange about SNAP was that the stock was getting pushed lower in a big way before the results were even out. I was watching it trade down searching the web for the results, and they weren’t to be found, until 4:10. I think someone was trying to get in front of SNAP, and that set the stage for the push lower, which is likely why the stock is lifting after the dust has settled.
I guess we can find out tomorrow.