Will A Tweetstorm Derail The Markets Once Again?

S&P 500 (SPY)

Stocks tried to rally today but failed to maintain that momentum. Maybe it was all part of a dragged-out, all-day, gap-filling process. Tomorrow will be more telling. I would like the S&P 500 to make a new high here; the worst case would be for it to fall short and scream of a market that is “long in the tooth,” a phrase I hate, or an “aging bull market,” another phrase I can’t stand.

The other big overhang that still looms for stocks is what will twitter bring. With the market near an all-time high, the President generally pushes his agenda a little bit harder, hitting on a region of the world with a new round of tariffs.  He just got a Fed rate cut, and the S&P 500 is basically at its all-time high.

We know the drill.

S&P 500, spy

S&P 500, spy

Microsoft (MSFTWealth Strength IndexAAPL is Extremely Up and trending Up)

Microsoft did manage to finish towards its highs, but really we need to see the stock move over $142.

Msft, microsoft

Msft, microsoft

Square (SQ)

It is not looking good for Square; the stock still can’t get over resistance at $60.70, usually, a sign of stock heading lower.

square, sq

square, sq

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

Nvidia is on very shaky ground finishing right near support and right on the uptrend. Tomorrow will be a make or break moment.

nvidia, nvda

nvidia, nvda

Disney (DIS)

I’m not sure why Disney fell today, I didn’t see anything. Now $132.50 become a significant support level for the stock.

disney, dis

disney, dis

Apple (AAPLWealth Strength IndexAAPL is Extremely Up and trending Up)

Apple is starting to form what appears to be a symmetrical triangle which in this case should be bullish, leading to an Apple break out.

apple, aapl

apple, aapl

Have a great night

-Mike

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