April 24, 2020

Stocks – AMZN, NFLX, BABA

Macro – SPY

Stocks advance on April 24, rising by around 1.3% to finish the week flat. We managed to recoup the significant losses from the beginning of the week, waiting for what’s to come next week, which will be substantial in terms of earnings. 

Overall, the RSI has now once again started trending lower despite the rally today in the equity market. Meanwhile, the advance/decline line has also flattened out. These two indicators may very well be suggesting that the S&P 500 is losing significant amounts of momentum. Additionally, volume levels are starting to drop; a sign buyers may bee thinning out.

Amazon (AMZN)

Amazon has been trading sideways, and I’m wondering if it is forming an ascending triangle.

The RSI in Netflix has flipped from bullish to bearish. 

Alibaba (BABA)

The uptrend in Alibaba is broken now, and if $201 breaks, $188 would be next. 

Have a good Friday

Mike

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