Monthly Inflow Day Disappoints on May 3, As Stocks Are Little Changed

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May 3, 2021



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Stocks finished the day, mostly mixed with the growth to value trade back on. The S&P 500 finished the day higher by around 25 bps, while the NASDAQ 100 finished the day lower by 50 bps.

S&P 500 (SPY)

The S&P 500 did start the day jumping to around 4,210 and filling the gap created on Friday morning. With the uptrend broken and confirmed, we should start to see a move lower from here. The key level will be at 4,180; once that breaks, there could be quite a distance to fall.

Nasdaq (QQQ)

The Qs appear to be worse off than the S&P 500, while the ETF approaches a significant level of support at $334. A break of support at $334 would trigger a further drop, as it would confirm a short-term double top.

Amazon (AMZN)

Amazon was down another 2.7% today, despite reporting robust results last week. I guess someone had a good call on Amazon. I think it is likely to find some support around the $3360 level.

Micron (MU)

Micron fell today and is very close to falling below support and the uptrend around $85.50. If that happens, it is likely to head towards $74. The RSI suggests that support breaks and the decline continues.


It looks like the breakout in AMD ahead of earnings was a head fake, with a move back to $73 probably on the way.

Freeport (FCX)

Meanwhile, with copper continuing to rise, Freeport should likely continue to rise with it. The next level of resistance is likely at $43, last seen in the fall of 2012.


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