Stocks were mounting a late day come back, only to plunge by more than 3% in the final 30 minutes of trading.

Stocks Plunge 3% Proving This Market Can’t Be Trusted

MARCH 27, 2020

STOCKS – SHOP, NVDA

MACRO – SPY, VIX 

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S&P 500 (SPY) 

This market is flat out dangerous and let today serve as notice how dangerous it is. The S&P 500 opened lower, trading down about 3% all day, to a low of 2,520, only to move up just over 2,600, and then with 30 minutes left in the day, it falls by over 3% in a straight line. Unreal. It can’t be trusted, it is dangerous, and it shall remain that way. No rally is safe.

S&P 500, spx

VIX 

The VIX remains above 60 and climbed again today to over 65, still a sign of how uncertain investors are about this market.

vix

Nvidia (NVDA) 

Nvidia has failed now three times at $262, and I think that means shares start moving lower towards $218.

nvidia, nvda

Shop (SHOP)

Shop filled a gap at $467, double topped, and now has a gap to fill down at $387.

shop

Anyway, its Friday and that’s all. 

-Mike

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