Apparent Downtrend In Place For S&P 500

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#us500 #snp500

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.

S&P 500

The good news is that support for the 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.

S&P 500 Index

Russell 2000 (IWM)

There is a similar pattern that has formed in the Russell index as well.

Russell 2000 Index

Micron (MU)

Micron Technology (NASDAQ:) was a big winner yesterday, with the stock clearing resistance at $36.40. It opens the door for a rise to $38.70.

Micron Chart

Qualcomm (QCOM)

Qualcomm (NASDAQ:) 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.

Qualcomm Inc

Nvidia (NVDA)

NVIDIA Corporation (NASDAQ:) is nearing a big break out that could send the stock back to $178.

Nvidia Chart

Roku (ROKU)

Roku tried but failed to get over resistance at $94, not a good sign.

Roku Chart

Facebook (FB)

Facebook Inc (NASDAQ:) 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.

Facebook Chart

Original Post

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