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Technology Sector Is The Key To Afternoon Trading For April 6
The roller-coaster ride continues on more “trade-war fears.” This trade war stuff really seems like a joke. But whatever, it is what it is, so we can go with it, it is sure easy then trying to dispute it at this point. But anyway, now to what is happening in the market.
Today’s sell-off seems to be more of a retracement, than anything else, because the charts say it is for the most part. The S&P 500 is trading right at support around 2,633, again! So whatever, if we fail at 2,633, then you know the next level to watch is going to be around 2,600, blah blah, right? I mean we have been through this same scenario how many times? I’m sorry it is just getting old, and the narrative needs to change.
The XLK may be even more telling, at that retest of support at $64.75.
The NDX is holding on to around 6,520. If 6,520 holds, then I think we rise well above 6,642 back over 6.700. Let’s hope it does.
Facebook continues to fail to $161.50, a break above $161.50 would be a big positive. But Facebook needs to be handled extremely carefully, I think for the longer-term there are still far too many risks to get aggressive with this name. Use it as a proxy for now as the mood of the market.
I think for the afternoon, you need to keep watching the technology sector the closest. The breakout the other day was notable, and stocks like Nvidia, Micron, Netflix, and Amazon continue to hold up well.
It would be extremely bullish if stocks could rally off the lows to finish near neutral or in positive today. It would set up positive momentum for next week.
Remember to watch the generals in the market. For now, it continues to be technology.
See you tonight!
Michael Kramer and the clients of Mott Capital own NFLX
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