Stocks Fail Where It Mattered Most For The Second Day In A Row
Michael Kramer | Sep 30, 2020 12:44AM ET
S&P 500
Stocks fell on September 29, with the S&P 500 and the QQQ falling by approximately 50 bps. The S&P 500 failed to advance beyond the 50-day moving average again and held the downtrend.
The move lower in the S&P 500 yesterday afternoon seemed to correspond with an accelerated sell-off in the corporate bond ETF LQD around 3 pm. Think wider spreads between corporates and treasury rates, risk aversion.
NASDAQ 100
The Qs continue to struggle to advance beyond $277.
Micron
Micron (NASDAQ:MU) reported better than expected fourth quarter results, but first quarter guidance appeared to very light of expectations. The company sees earnings of $0.47 at the mid-point of the range, and revenue of $5.2 billion, with margins of 27.5%. Estimates had been for earnings of $0.69, on revenue of $5.3 billion, and margins of 32.5%.
Now before the pandemic, my instinct suggests Micron would be trading pretty sharply lower on this guidance. Times are crazy, and the stock is flat. I highly doubt that the stock survives today being flat. I still happen to think you will see $45.50, maybe not tomorrow, but relatively soon.
Zoom
Get The News You Want
Zoom (NASDAQ:ZM) shares are holding on to support at $465. That RSI seems to suggest that Zoom is likely heading to $425.
Amazon
Amazon (NASDAQ:AMZN) doesn’t look super strong, with the stock failing around resistance in that $3,160 to $3,175 region. I still think this stock has further to fall. Maybe that comes after a break of $3,100.
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.