Home » Stocks Fall on September 24, More Pain To Come or One and Done?

Stocks Fall on September 24, More Pain To Come or One and Done?
Stocks fell hard on September 24 after it was revealed that the House would move to start an impeachment inquiry into President Trump.

Stocks Fall on September 24, More Pain To Come or One and Done?

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

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September 24 – Stock mentions: SPY, QQQ, AMD, SHOP, ROKU, AMZN, NVDA

MACRO

Stocks had a lousy day with the S&P 500 falling by roughly 90 basis points. There is a new worry that is plaguing the market today, well really it is an old worry, a Trump impeachment. Remember we went through this when he was first elected.  I don’t want to get political here, but I’m not sure the Dems will get anywhere with this since it is highly unlikely the Senate would vote in favor of impeachment. premium content – get the first two weeks free – Stocks Crack

S&P 500 (SPY)

Regardless I think the market was likely heading lower as we had been talking about for days. All it needed was that nudge, and it got that nudge today. For now the S&P 500 it fell to support around 2,960. The next level down come at that gap around 2935, and give the markets to test the August break out. It is a region that should offer strong support for the market, assuming there is nothing crazy on the political front.

S&P 500, spx

NASDAQ (QQQ)

The Nasdaq already filled the gap around 7980.

Nasdaq,

We will have to see what happens next. I could make a case with the gap filled for a bottomed to have been reached — or the case for another move lower, perhaps by one or so percent.

The one mistake I find I typically make is that things happen faster than I expect, and I tend to have a target that is too high or low.  I guess we can find out together.

STOCKS

The goods news is that some of these stocks that have struggled at least had meaningful bounces. 

Shopify (SHOP)

Shop fell to support at $285, and that is where the stock managed to find a bounce. It is a positive sign for Shop, but it needs to get back over $315, to signify another important.

shop, shopify

Roku (ROKU)

Roku also tested support today at $100, which is also positive that it managed to hold.

roku, roku

Perhaps there is some meaning here, maybe not. But a bounce at key levels support is always good to see.

AMD (AMD)

For the moment, support for AMD continues to hold at $29.40.  I’m not sure how long that will last. Momentum continues to decline as measured by the RSI.

AMD

Amazon (AMZN)

Amazon broke the uptrend and support at $1750. Now the question is, what happens next? The odds of moving to $1700 are increasing.

amzn

Nvidia (NVDA)

For now, Nvidia continues to hold technical support at $171, that needs to hold. A break below that level means $160.

nvda

Have a good night, no commentary in the morning.

-Mike

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