S&P 500 Is Still Struggling
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First I wanted to give a big Thank You to MarketWatch.com for doing a write-up on our blog post from over the weekend, regarding Tesla.
The S&P 500 continues to deteriorate on a intraday basis, which again appears to be the making of a short-term pullback. I know we have been saying this for a days, but the chart tells the story. I am giving you my interpretation of what it represents.
Tesla shares continue to hang in. Shares spiked to nearly $325, following the Truck and Roadster announcement. But the stock sold-off late Friday, and continued to sell-off today some.
The chart shows how the share of Tesla managed to find some support on the uptrend, and continue to hold the above the $303 level. Continue to watch Tesla, as it continues to act as a risk gauge for the market.
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Biotech’s failed to rally today, and in fact, it was unable to get back over $309 after falling below. Concerning, yes. Does it mean the turn around is over? No.
In fact shares of Celgene briefly, touch support at $102.50 and managed to bounce right off.
Technology shares were also weak today, and again like the S&P 500 is showing signs of strain.
Shares of Nvidia have also struggled to regain previous highs. I’m drawing a downtrend line as of today. We’ll see where it goes.
One last one is Amazon, sitting on the cusp. A break below its current $1,122 sends shares much much lower..
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Michael Kramer owns XLK Puts
Michael Kramer and the Clients of Mott Capital owns shares of CELG, TSLA
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