Stocks Are Falling On June 24 And May Still Grow Worse
Stocks are falling on June 24 after being rejecting for the 5th time at a severe level of resistance yesterday, and may still have further to fall.

Stocks Are Falling On June 24 And May Still Grow Worse

June 24, 2020

STOCKS – BA, LULU, CSCO, BAC

MACRO – SPY, QQQ, 

Mike Reading The Markets Premium Content – $35/Month or $300/Year

S&P 500 (SPY)

Stocks are declining on June 24, with the S&P 500 futures down about 70 basis points and so far finding support around 3080. Today will be a somewhat important day based on those technical charts we have been watching so closely. 

The futures have failed multiple times at the 3,145 levels over the past few weeks, and that could prove to be a turning point for the index at least over the short-term. A break of support at 3080 potentially sets up a further decline to around 3050 on the futures. Again, I think there is an excellent chance we retest the recent lows around 2,950.

NASDAQ 100 (QQQ)

At least, based on the trends in the Qs, the ETF is likely to fall back to the lower end of the trading channel around $240.

Additionally, I have pointed out several times to subscribers, we are seasonally entering a difficult time for the markets, with the most notable headwind being the end of quarter rebalancing from institutions. Premium content – The New Week Faces Headwinds – Morning.

This rebalancing, along with other typical quarter-end activities, could weigh on stocks and help to make the next couple of weeks more challenging with potential for a downward bias. 

Boeing (BA)

Boeing finds itself sitting on support and an uptrend at $183, with the potential to fall back to $166.

Bank of America (BAC)

Bank of America finds itself sitting on support at $24.25, with a break of support sending the shares lower towards $22.50. 

Lululemon (LULU)

Lululemon has failed at resistance a few times at $311 with the potential to fall back to around $281. 

Cisco (CSCO)

Cisco is trading below support at $45.65, with the potential to fall to around $43.25. 

Have a great Wednesday. 

-Mike

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