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.
Microsoft did manage to finish towards its highs, but really we need to see the stock move over $142.
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.
Nvidia is on very shaky ground finishing right near support and right on the uptrend. Tomorrow will be a make or break moment.
I’m not sure why Disney fell today, I didn’t see anything. Now $132.50 become a significant support level for the stock.
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.
Have a great night