From Break Out To Break Down-Not A Good Set Up Short-Term
Michael Kramer | Oct 18, 2019 12:51AM ET
Stocks had a good day on October 17 rising 35 basis points, that’s the good news. But certainly not the break out I expected, I got it wrong this time. However, I have more bad news. I’m not thrilled with how the chart is setting up. The pop at the open today created an unfavorable setup, which didn’t exist this morning, the dreaded rising wedge. I talked about this today in the midday update. At this point, it something we must pay attention too and must respect. A break of the downtrend and support at 2985 would likely create that gap fill we had been looking for at the beginning of the week, causing a decline to around 2940.Could it lead to something steeper? Perhaps. But I don’t think that is likely.Midday Commentary- S&P 500 Doesn’t Seem To Agree With My Bullish Outlook – Stocks Discussed: AMD, BYND, DIS, NFLX, SPY (NYSE:SPY), TSM, UBER – The first two weeks are free to try, then $35/month or $300/year.
h2 STOCKS/h2Nvidia (NVDA)
Nvidia has failed at resistance around $198 a few times, and it looks like it wants to retest support at $188.
UBER (UBER)
UBER continues to move higher, too, and I think $35 is around the corner.
Alphabet (NASDAQ:GOOGL)
Alphabet (NASDAQ:GOOGL) has very quietly moved back to within reach of its all-time highs. You have to think when this thing breaks out; it has a lot to go up.
Get The News You Want
Intel (INTC)
Intel (NASDAQ:INTC) still looks fine despite today’s pullback. I think the stock heads higher.
Beyond Meat (NASDAQ:BYND)
Beyond Meat (NASDAQ:BYND) fell below support at $124 and I think the door has now opened to $100. I talked about why in more detail in this free article on SA. Beyond Meat’s Plunge May Only Be Starting
Original Post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.