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.
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.
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.
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.
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.
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.
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.
Tomorrow becomes a critical trading session for the stock market.
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