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Levels To Watch, Midday Update For April 5

Levels To Watch, Midday Update For April 5

I wrote in the commentary last night the next test for the S&P 500 would come at 2,675, and today it got to a touch below, before pulling back some. There is a gap that needs to be filled at 2,647, so don’t lose hope should the rally retrace back to 2,650 over the balance of today.

S&P 500

VIX

The VIX has fallen below support at 20, and it is likely heading lower towards 18.

vix

Technology

The technology ETF XLK is continuing to breakout and is stalling for now at resistance around $66. A rise above $66, sends it on quickly to $67.

technoloy

Netflix

Netflix shares have broken out over $295, and I think that leads to further gains.

netflix

Facebook

I drew in a new resistance line in Facebook at $161, and that to this point has held shares from breaking out further. A rise above $161.50, likely pushes it on towards $166.

facebook

Tesla

Tesla shares have rocketed higher, but $303.50 is going to be a critical level to watch. That level served as strong support level for a long time, and now it will act as significant resistance levels. Its need to get over $304.

tesla

Amazon

Amazon is back above $1440, and a sizeable gap to fill back to near $1500.

amazon

Micron

Yeah, Micron got a downgrade today, but look at that chart, right back to support at $49.75. It is holding, that is a positive.

Micron

See you tonight!

 

Mike

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. I make less than $100 a month in advertising fees. Otherwise, enjoy the column!

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