Stocks Get Slammed on ISM Data, May Have Further To Fall
Stocks fell sharply on December 2, following weaker than expected ISM data, suggesting there may be more declines ahead.

Stocks Get Slammed on ISM Data, May Have Further To Fall

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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December 2, 2019




Reading The Markets Premium Content for December 2:


S&P 500 (SPY)

Stocks finished the day lower following dissappointing ISM PMI data coming in at 48.1 versus estimates of 49.4. It correlated to a GDP growth rate of 1.5%. Not great, but considering the fears we had at this time than last year, it’s not that bad either.

However, the S&P 500 did fall by about 80 basis points to 3,115. The SPX bounced right off of support at 3,110. But, it also fell through the uptrend we had been monitoring throughout November. Even worse, we see that the SPX failed to retake the uptrend when it tried late on Monday afternoon.

S&P 500, spx

The good news is the RSI fell sharply today, from roughly 75 to 58. The bad news is that the RSI still likely needs to fall further. That said, I think that the S&P 500 still has some further to fall, perhaps to around 3,080.

S&P 500, spy


Roku (ROKU)

Roku was crushed today; it did manage to hold support at $135. I don’t think it is finished falling either; the stock isn’t even oversold, and very overvalued. I think $122 is in the stock’s future, sorry Roku bulls.

roku, roku

Nvidia (NVDA)

Nvidia fell hard today, and I think the stock may have finally cracked. It is now well outside of the rising wedge, and back below support at $212. I think the $198 is in its future.

nvidia, nvda


AMD continues to trend lower, too, and the pattern is resembling that descending triangle I mentioned last week. A drop below $38.40 pushes shares to $37.20.


Apple (AAPL)

Apple moved out of the uptrend, and now the stock is likely to fall to around $260.

aapl, apple

Boeing (BA)

Boeing looks like its ready to retest the lower end of the channel around $320.

boeing, ba

Have a good one


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