Stocks Are Getting Smashed on September 21, Breaking The Monday Gap Higher Cycle

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September 21, 2020

STOCKS – AAPL, SQ, MSFT, DOCU

Macro – SPY, QQQ, GLD, DXY

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Stocks are getting smashed to start the week off, reversing the typical Monday gap higher routine. It isn’t just here in the US; it is around the globe today. Germany and the UK are both trading lower by over 3%. The S&P 500 futures are now trading below that critical level of support mentioned yesterday in the 9 Themes for the week video.

S&P 500 (SPY)

The S&P 500 ETF is also trading support at 329.40 and is heading towards its next level of support around $323.60.

NASDAQ 100 (QQQ)

Meanwhile, the Qs are trading well below support at $264 and challenging the lows from Friday.

Dollar (DXY)

The dollar is also getting ready for its massive break out to come as it completes that bull flag pattern.

Gold (GLD)

Gold is also falling this morning and is getting very close to breaking support at $1925.

Financials (XLF)

The financials are breaking down today, with the XLF falling below $24.20, and that significant uptrend we have been watching closely.

Square (SQ)

Square is trading down by 3% pre-market and is breaking that significant uptrend we have tracked. The next stop on this one is probably around $118.

Apple (AAPL)

Apple is now filling the gap trading around $104, which means the next stop is likely to come at $96.

DocuSign (DOCU)

DocuSign is just waiting to break that support level at $191, and I’m eager to see it happen, with the next stop at $160.

Microsoft (MSFT)

Microsoft is falling below support at $198.25, with the next significant level around $187.

Have a good one!
-Mike

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