Stocks fell sharply on April 21, it makes tomorrow a pivotal day, in what could lead to accelerating declines or sharp snapback.

Stocks Drop On April 21, Making Tomorrow A Pivotal Day

APRIL 21, 2020

Stocks – NFLX, NVDA, AMD, INTC, MSFT

Macro -SPY

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN MSFT

Mike Reading The Markets Premium Content – 

S&P 500 (SPY)

Stocks finished the day lower by over 3% with the S&P 500 close around 2737. The good news is that the index managed to hold on to a support level around 2725. The bad news is that the index fell below the uptrend that was formed off the March lows. It not particularly a great sign for the future of the index over the short-term. It means tomorrow will carry some extra weight, as we will need to see the index recover today’s loss and more to move back into the uptrend. If it should fall below 2,722, it is likely to result in a drop to around 2,636.

s&p 500, spx

Nvidia (NVDA)

Nvidia shares got crushed today, falling by over 6.3%. The stock has now fallen to the other side of the uptrend, and it is broken. Watch out for that drop to $256. 

nvidia, nvda

AMD (AMD)

AMD also fell sharply today, and the stock looks like it may be setting up a double top pattern. We will need to watch closely how the stock acts around support of $50.85. That will be a big test. 

AMD

Netflix (NFLX)

Netflix is trading pretty much flat after it reports about 15 million net subscriber additions in the first quarter. That was a considerable amount. I will have to dig through it some more. It did manage to spike over $450, but it is now back below that level, so let’s use that as resistance for now. 

netflix, nflx

Microsoft (MSFT)

Microsoft broke a significant uptrend, and that could spell trouble for the stock, with a gap to fill down at $153. 

microsoft, msft

Intel (INTC)

Intel had a rough day too, they report results on Thursday, with a chance for the stock to fall to $50.25. You can read more here in this free article I wrote up. Risks Are High For Intel Following Results

Intel, intc

Have a good night.

-Mike

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