This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
Otherwise, enjoy the column!
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For the Week of August 26 – Stock mentions: SPY, AMD, AMZN, FB, MU, BAC, JD, NVDA
Podcast for the week of August 26:
Premium content: Market In Precarious Spot
S&P 500 (SPY)
Stocks will be on the move again this week. Monday is likely the day that sets the tone for the rest of the week. The significant level of to watch will come at the 2825 level for the S&P 500, with a break of that level sending the index sharply lower. So, we will need to see 2825 hold. Premium content: Your Survival Guide To The Week Of August 26
With all the wild price swings, the charts feel harder to read this week.
AMD fell back to support around $29.40, and $27.25 seems like the next likely stop for the stock.
Amazon is holding on to the uptrend, and that level needs to continue to hold or the stock risks a further decline to around $1620.
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Facebook has been struggling recently, even before Friday’s sell-off, and now $173 seems like the next level to look for.
Micron appears to be rolling over, with the next significant level to watch at $42 and then $38.70.
Bank of America (BAC)
Bank of America may continue to drift lower as the yield curve remains under pressure, with $25.75 as the next significant level of support.
JD.com failed once again at $31.50, and there is still a gap to fill around $27.40.
Meanwhile, Alibaba may be on its way back to $151.
Have a good week.
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