S&P 500 (SPY)
Is this the start of a significant downturn for the S&P 500? The uptrend I pointed yesterday, and the ascending triangle I noted is broken. The most significant risk at this point is the giant gap from early last week that needs filling. This could lead to a pullback in the index to around 2,830. Outside of that, I don’t see anything direr at this point. The upside continues to point to an increase to about 2,915.
S&P 500, spy
Russell 2000 (RUT)
For now, the Russell 2000 is holding support around 1,562, but I could see it falling to around 1,535. Again, nothing cataclysmic. Certainly, that won’t be good for my options, but I have time.
Advanced Micro Devices Inc (NASDAQ:AMD) fell somewhat sharply today and it likely still has some further to fall, perhaps to around $25.90 or so.
Roku Inc (NASDAQ:ROKU) is now teetering on support at $59, with the potential to fall to around $52.
Amazon.com Inc (NASDAQ:AMZN) briefly broke above $1850 but pulled back on its first go ’round. So we will have to see if the stock can manage to break through should there be a second attempt.
Apple Inc (NASDAQ:AAPL) had a pretty big turnaround mid-day after being up all morning. At this point, there is not enough to say that the stock is finished rising. $209 still seems likely.
I wrote up an article talking about why I think SNAP may continue to rise over the short-term. For now, $13.20 seems to be the upper limit.
Stocks Failed To Rally, Is It Time To Worry?
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