Stocks Dropped. Do They Have Further To Fall?
Michael Kramer | Dec 10, 2019 04:21AM ET
h3 S&P 500 (SPY) /h3
It was a pretty dull day yesterday, with the market falling by just 35 basis points to around 3,135. The day felt directionless for the most part. The way the market was rolling over mid-day, I thought we’d get a modest pullback, which we did start to see towards the close, and I think it means there is more to come today.
Resistance on the S&P 500 chart hasn’t changed at 3,150; meanwhile, at least based on yesterday's actions, it is looking as if the gap wants to get filled.
Acadia (NYSE:AKR) fell sharply yesterday, for no particular reason. The stock appears to be partially filling a gap and moving down to support around $48. Could it fall further? It seems possible, but I think it should hold at $48. By the way, the CEO sold his stock as part of a 10B5-1 plan.
Apple (NASDAQ:AAPL) also fell sharply, filling the big gap higher from Friday.
Advanced Micro Devices (NASDAQ:AMD) also had a rough day, and it appears to be heading lower to around $38.80.
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Tesla (NASDAQ:TSLA) did have a good day and appeared to be trending higher back towards resistance at $347 in an attempt to fill the gap up at $360.
Interestingly, Facebook (NASDAQ:FB) managed to hit resistance at $203 yesterday and failed. It would suggest that the stock fall to around $198.
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