Subscribe to The Free Market Chronicle and join the 2,680 subscribers getting it for FREE!
[widget id=”text-23″]
Stocks Breaking Critical Support And Could Be At Risk Of Falling Further
The stocks market recent bout of volatility is not only exhausting but confusing as well. It started in early February on inflation concerns, it moved to rising yields, to trade war fears, to Facebook, to Amazon, and now back to trade wars. So which is it? Not sure. But it does tell us one thing. The market and buyers are extremely fragile, and the slightest bit of negative news is enough to get traders to dump their shares.
It was January 29, that I warned stocks were looking toppy going into quarterly results, and for the most part those results were strong. But yet they weren’t enough to keep equity prices from dropping. But as I had noted back then, some of the prices had gotten way ahead of themselves. After the market bottom in early February, technology stocks took off once again, with shares of Amazon and Micron surpassing their previous highs, as analysts upgraded and raised their price targets.
[widget id=”text-19″]
During the latest round of selling stocks likes Google, Netflix, Micron, Nvidia, Apple, Microsoft have managed to hold on and avoided breaking some key levels of importance. But in Friday’s commentary, I noted concerns, and cracks started emerging, and that was extremely worrisome to me.
[widget id=”text-27″]
Nvidia
Nvidia, which has held extremely well at $218 finally broke, and that should be a concern.
The RSI has been trending lower since peaking in mid-February over 70, and volume has been tapering off in recent days. If the stock bounces Monday and is unable to get above $219, it is likely a good sign that next move is lower to around $204.
[widget id=”text-22″]
Apple
Apple share failed at resistance around $174 moving below support at $169. If that isn’t a crack then I do not know what one is. I think downside is limited here to maybe $160ish.
[widget id=”text-16″]
Biogen
Biogen shares continue to melt, with no end in sight, it might not stop falling until $250.
[widget id=”text-23″]
Incyte
Incyte totally blew-up on Friday after reporting negative results on its trial for one its cancer drugs in development in combination with Merck’s Keytruda. This is just another example of why the Biotech sector has been so terrible in 2018.
[widget id=”text-21″]
Nektar
It took Nektar down with it.
[widget id=”wordads_sidebar_widget-41″]
GE
I still think GE is heading to a $10 handle.
Blackberry
Blackberry cracked and could be headed towards $10.
[widget id=”wordads_sidebar_widget-41″]
Microsoft
Microsoft held support at $91.50 until it no longer could. Not good.
[widget id=”text-19″]
Micron
Micron held $49.75 until it cracked as well.
[widget id=”text-27″]
But at least one stock is still holding on. It is the lone wolf here.
-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:
Biotech’s Exact Sciences Seen Plunging 25%
Micron Options Traders Bet Stock Will Rise 14%
Disney’s Stock Seen Rising by 17%
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 2,680 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”]
Michael Kramer and Clients of Mott capital own shares of NETFLIX and GOOGL
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 #google #blackberry #ge