Stocks Getting Crushed on June 15, As Critical Support Snaps
Stocks are getting crushed to start the week of June 15, after the S&P 500 future fell be below support at 2,980.

Stocks Getting Crushed on June 15, As Critical Support Snaps

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June 15, 2020



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S&P 500 (SPY)

Stocks are falling to start the week off with the S&P 500 dropping by around 2% on the futures. They had been down by about 3% at one point, and it has been worse Asia, with South Korea down nearly 5%, and Japan down almost 3.5%.

The S&P 500 did an outstanding job for most of the early session to hold critical support around 2,980. But that level of support failed just after midnight, resulting in a decline to around 2,925. With option expiration this week, all of this becomes important, because as I noted yesterday, there are significant open interest levels in the S&P 500 cash market around 2,800 to 2,900. These levels could quickly start to pull markets lower, should the sellers begin to have some confidence.

We can see we just tested resistance again around 2,980, and failed. It will likely not a fun first day to the new week.


The VIX is rising as a result of the sell-off, a move back to 54 seems possible.



Uber broke its uptrend this morning, and that could be a sign of more losses for the stock. Now, $30.50 is a significant level for the stock. Should that price break, the next level to watch for does not come until $28.50.uber

Shopify (SHOP)

Shopify is jumping despite the broader market weakness after getting upgraded by Piper Sandler with an overweight rating and raising its price target to $843. The area around $790 has been a strong level of resistance for the stock in the last few weeks, so don’t get too excited yet.

shopify, shop

Home Depot (HD)

Home Depot is breaking support this morning at $239, and the next significant level to look for comes at $220.

home depot

Facebook (FB)

Facebook is getting very close to confirming a double top pattern should it fall below $218.

facebook, fb

Hang in there, it likely gets rough the next few days, but we knew this was over due.

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