Stocks Fall On April 28 Marking A Big Reversal Of Fortune

S&P 500 (SPX)

Stocks had an exciting day rising by over 1.5% to start the day only to give back all of those gains by days end. The index rose to roughly 2915 and quickly turned lower. The region around 2,900 is where a large amount of open interest on the S&P 500 index options resides, and it would suggest it is an area where dealers are short futures to hedge away their risk. I talk about more in today’s morning commentary. 

That region is likely to continue serving as a healthy resistance level with support around the 2,845 level for now. We can see that the index continues to get rejected at the March low uptrend. Again, there is flattening taking place in the RSI; and is acting as an indication of fading momentum. Also, there is a change in the slope of the advance off of the March lows, notated with the purple lines. The index did manage to finish right at the lows of the day. 

(Click on image to enlarge)

AMD (AMD)

AMD is falling after reporting what appears to be inline earnings a weaker revenue, but the guidance looks to be weaker. I will try to get more details later on those results. For now, the stock needs to hold support at $53, to avoid a more profound decline to $50.80.

(Click on image to enlarge)

Alphabet (GOOGL)

Alphabet shares are rising after reporting better revenue on weaker earnings. For now, not much has changed from a technical standpoint. 

(Click on image to enlarge)

Netflix (NFLX)

Netflix shares fell sharply after dropping out of the descending triangle and is still likely on its way back to $386.

(Click on image to enlarge)

Qualcomm (QCOM)

Qualcomm will report results tomorrow, and I still think this one heads back to $65.

(Click on image to enlarge)