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.
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.
Russell 2000 (IWM)
There is a similar pattern that has formed in the Russell index as well.
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.
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.
NVIDIA Corporation (NASDAQ:) is nearing a big break out that could send the stock back to $178.
Roku tried but failed to get over resistance at $94, not a good sign.
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.
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