Home » Stocks Fall Again and The Russell May Be Signalling A Bearish Sign

Stocks Fall Again and The Russell May Be Signalling A Bearish Sign

Stocks Fall Again and The Russell May Be Signalling A Bearish Sign

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Michael Kramer and the Clients of Mott Capital Netflix

S&P 500 (SPY)

Stocks were weak once again. We can see in the chart that the S&P 500 is testing its lows from the other day, and for now those lows are holding. At this point, I can’t say I’m overly concerned. A pullback to 2,750 wouldn’t concern me either.

S&p 500, spx

Russell (RUT)

The Russell, now that is a different story. We can see the index has broken its uptrend and a drop below 1,530 clearly triggers a steeper decline to 1,492. Diverging indexes are never a good sign. We really need to see the Russell stabilize here. I would get more nervous over the short-term should the Russell crack below 1,530.  It would likely signal a steeper pullback for the S&P 500 too.  We will need to monitor.

russell, 2000

Biotech (XBI)

The XBI continues to look really weak, and a drop to $85.25 seems likely at this point.

biotech, xbi


Nio shares tanked over 20%. I went through the story this morning.  The stock fell right through support at $8.35 and now appears to be on its way to that $7.72 region I mentioned earlier.



GE also continues to fall, and I noted this morning the stock was facing a decline below $9. This afternoon it seems like those odds just improved for a drop to $8.90.


AT&T (T)

AT&T continues to look really weak. The stock continues to fall after failing at resistance at $31.20 and suggests a decline to $28.92.  In fact, according to data from SmartStops, the equity just entered an elevated risk state indicating there may be further declines ahead.


Blackberry (BB)

I have really screwed up this Blackberry, after weeks of getting it right. I guess I ran out luck. I don’t know; I have to think about this one.  The RSI really bothers me though.

Micron (MU)

Micron is another one that has turned against me. This one appears to be entering a region where it should find support around $36 and bounce.

Micron, mu


AMD also has turned sour. A drop below $22.80 means $21 is coming.


Amazon (AMZN)

Amazon is failing at this downtrend. I really thought this time it would break out. We will need to watch this one closely now.

amazon, amzn

Netflix (NFLX)

Netflix is another one that struggled at the downtrend. But I noted today, I was seeing bullish activity in the stock. Big Options Activity On Netflix

netflix, nflx

Back tomorrow


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