Stocks are falling on April 13, and it may be only the start of a sharper decline based on several technical patterns.

Stocks Are Dropping on April 13 And It May Just Be The Start

April 13, 2020

Stocks – T, GS, NXPI, SHOP

Macro – SPY, EWG

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Stocks are pointing to a lower opening on April 13, with the S&P 500 futures pointing to a decline of about 1%. At this point, we are starting to trade outside of the rising wedge I pointed out over the weekend, and that could suggest stocks have further room to fall today and this week.  A drop below 2,730 would get the index moving quickly to 2,630. 

S&P 500, spx

 

Kospi

We can see that the same pattern also formed in the South Korea KOSPI and the index also fell through the lower trend line. 

kospi

NXP Semi (NXPI)

NXP Semiconductor is falling today after Evercore downgraded the stock to inline from outperform with a price target of $100, due to the company’s exposure to the auto industry.  The stock reached resistance on Friday at $96.30 with the potential for a gap fill back to $76. 

nxpi, nxp

AT&T (T)

AT&T has reached resistance around $31, a level it has failed out on a few occasions now, and could be turning lower to $28.90. 

AT&T

Shopify (SHOP)

Shopify has been trading lower along with a downtrend and is now testing that downtrend. Should the stock fall below $400, it is likely to test the lows around $341. 

Shopify, shop

Goldman Sachs (GS)

Goldman filled a gap up at $188, with the potential to fall to roughly $168. 

Goldman, GS

Have a good day

-Mike

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