Subscribe to The Free Market Chronicle and join the 2,709 subscribers getting it for FREE!
[widget id=”text-23″]
Nvidia, Micron, Apple, Amazon Showing Serious Cracks
Despite all the market turmoil, for which the reason seems to change on a daily basis, the S&P 500 is only down 1.38 percent on the year. I think that is the more important thing to focus on, and not the daily swings of 2 percent. Becuase at the end of the day despite all the stock market volatility, the stock market has virtually gone nowhere!
So while the reasons for the market going lower seem to change, some things have held constant, until today, and those minor changes have caught my attention.
[widget id=”text-16″]
Technology
First, the XLK breakout from the other day is being severely tested, with the downtrend now in play again.
[widget id=”text-27″]
Biotech
The IBB is now below the February lows.
[widget id=”text-19″]
Financials
The XLF failed in a big way at resistance, around $28.
[widget id=”text-22″]
Nvidia
Nvidia broke support at $218 and closed around $214.50, and for the first time in all the chaos shares look at serious risk of falling towards $200.
[widget id=”wordads_sidebar_widget-41″]
Micron
Micron opened lower and retook $49.75, and like Nvidia, it gave way and closed well below support, and that is a bad sign too, with the potential for a further decline towards $46.75.
[widget id=”text-21″]
Amazon
Amazon failed twice at resistance now around $1440 level, and I continue to think this one trades lower.
[widget id=”text-23″]
Apple
Apple closed below support at $169.
So Confused
Obviously, the market is far more significant than these four stocks, and at this point, it seems hard to predict what the potential next hurdle or hiccup comes in the markets way over the next week. It seems that everytime a bit of positive momentum builds it is meet with some obstacle that sucks the energy out of it. From “trade wars,” to Amazon and the Post office, the FED, inflations, and yields. The stock market thus far this year seems like a moving target, and for the first time in about three years, I am having a hard time getting the general trend right, and that is bothering me.
But, the good news comes next Friday when the narrative will change to earnings. The only left to be to determined, will earnings push stock prices higher or will it become just one more thing the market can add to list of worries.
More this weekend.
-Mike
[widget id=”wordads_sidebar_widget-41″]
[widget id=”text-22″]
Mott Capital’s Reading The Markets – An In-depth Global Macro Stock Market Commentary – In Video Format – See How Michael Dissects The Markets
Just $200 Per Year – Get Your Free 2 Week Trial
Recent Videos:
Stock Market Rallies, Is It For Real?
What Is Going On With The Stock Market! It Is Insanity!
Where Does The Stock Market Go From Here
Free Articles Written By Mike:
Qualcomm Options Traders Looking for 13% Decline
Netflix Options Traders Are Looking for a Big Rebound
Why the VIX Index Is a Bullish Sign for Stocks
Apple Stock Faces 10% Short-Term Pullback
4 Consumer Stocks That May Plunge to New Lows
Broadcom’s Battered Stock Poised for 12% Rebound
Boeing’s Stock Seen Falling Into Bear Market
IBM Traders See Stock Plunging 20%
3 Hot Biotech Stocks Facing Sharp Declines
Under Armour’s Stock Still Has Further to Fall
Intel Traders Face Big Losses As Chipmaker’s Stock Drops
Why Facebook Stock May Rebound By 25%
Amazon’s Stock May Plunge 10% Further
Tech Stocks’ Growth Engine Faces a Big Slowdown
3 Big Biotech Stocks Poised for More Declines
Why Chip Stocks May Rebound to Record Highs
Take-Two Stock Seen Rising 20% on E-Sports Demand
Square’s Soaring Stock Is Due for a Correction
Nike’s Stock Bulls May Get Burned
Why AMD Options Traders Are Bearish Long Term
Improving Earnings Will Push Stock Prices Higher
Join our 2,709 Daily Subscribers And Get This Commentary In Your E-Mail! Subscribe
-OR-
[vc_tweetmeme type=”follow” follow_user=”michaelmottcm” show_followers_count=”true” large_button=”true”]
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future.
© 2018 Mott Capital Management, LLC. Use, publication or reproduction in any media prohibited without the permission of the copyright holder.
Tags: #sp500 #tech #technology #tesla #micron #nvidia #jobs #bls #sp500 #xlk