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Tomorrow Is An Extremely Important Day For The Stock Market

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Tomorrow Is An Extremely Important Day For The Stock Market

Starting today, I am experimenting with a mid-day trading update. It will be a quick snapshot of the days market action, and a couple of things I’m watching.  For now, the only way to get sent it directly to you will be through push notification. If it proves to be successful and worthwhile, I will them institute a mailing list.

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The Stock Market Continues To Slide

The stock market continues its wild ride, and there is no telling when this roller coaster will end. I was fooled into thinking that the stock market may have bottomed last week. The signs were there, but the market had a different viewpoint today. The S&P 500 got to within 20 or so point of the February lows, and that makes tomorrows trading action extremely important. If we go below that 2,530 level, I will become much more fearful of additionally declines.

S&P 500

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Watch our latest premium video, and let Mike show you exactly what he is watching and seeing take place in the stock market: What Is Going On With The Stock Market! It Is Insanity!


The XLK may be the most important of the charts to watch, because what was obvious, and something I missed, was the fact that XLK never broke out Thursday, and that should have been my clue. I think any market rally, for now, is suspect until the XLK can breakout.


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The VIX continues to stay around 25 or below, and every attempt in the VIX to rise past resistance has failed. I can’t seem to understand why the VIX is not increasing more sharply, in this market turmoil. Watch the VIX, closely.


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Here is a positive development today, Facebook didn’t retrace to its previous lows.



Google also held its previous lows as well, around 1,000.



Netflix too.


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Amazon is the only chart that looks to be getting weaker, and I continue to think the selling isn’t complete. I still see a price below $1300



Micron stopped at $49.75. It was a level we had been watching, but again I got faked out on Thursday. So let’s see if Micron can get above $52.25, that will be the real test.


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Boeing chart is completely broken, a decline to $297 seems in order.



Caterpillar broke some critical support as well.



Even mighty Honeywell is looking vulnerable here.

honeywellTomorrow becomes a critical trading session for the stock market.

Good Luck!


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Tags: #sp500 #tech #technology #semiconductors #boeing #micron #honeywell #amazon #facebook #google #catepillar #netflix #twitter