Obvious Downtrend In Place For S&P 500
Michael Kramer | Jun 27, 2019 04:48AM ET
Stocks had a strange day. The morning surge vanished by mid-day when investors realized that the 90% thing with China was nothing new. Anyway, from a technical standpoint, it appeared as if it might have only been a gap fill from the morning jump.h3 S&P 500/h3
The good news is that support for the S&P 500 held at 2,915. The bad news is there now an obvious downtrend in place. It has also created what appears to be a weak falling wedge. Usually, that is a bullish reversal pattern, but I worry with the giant gap at 2,895 this time it won’t be.
There is a similar pattern that has formed in the Russell index as well.
Micron Technology (NASDAQ:MU) was a big winner yesterday, with the stock clearing resistance at $36.40. It opens the door for a rise to $38.70.
Qualcomm (NASDAQ:QCOM) keeps plowing ahead and is moving on towards $76.60. Believe it or not could go even higher, to maybe $82 depending on what happens at $76.60.
NVIDIA Corporation (NASDAQ:NVDA) is nearing a big break out that could send the stock back to $178.
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Roku tried but failed to get over resistance at $94, not a good sign.
Facebook Inc (NASDAQ:FB) failed at $194.50 now two occasions, and a significant uptrend is now coming into play. A drop below the uptrend sends the stock lower to the first gap at $180.
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