Stocks Finally Drop On January 24, And More May Be On The Way

S&P 500 (SPX)

Stocks dropped on January 24, no real surprise, right? I have been looking for a reversal since late last week, and finally, we saw a little bit of a pullback. The index managed to fall to roughly 3,282, which is a minor level of support for the S&P 500. At this point, I do think there is likely further to fall; however, with that said, I would think it first rebounds and retests 3,300. I do believe we are heading towards 3,250. 

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Biotech (XBI) 

The biotech ETF (XBI) got smoked today, falling by almost 3%, but more importantly, falling below support $91.50. It probably setups a gap fill to around $88.

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Netflix (NFLX) 

Netflix had a good day, building on yesterday’s gains. It was impressive, especially on a down day. I’d like to see the stock close above $362 before thinking about what’s next. 

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Roku (ROKU) 

Roku fell today but still managed to hold on to support around that $128-130 region. 

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Alibaba (BABA) 

Alibaba is on the cusp of a big break down, testing support. If it breaks it $211, it could fall to around $201.

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Square (SQ) 

Square got a significant upgrade today at Credit Suisse with an $84 price target. I noted Square was breaking out today, along with some bullish options betting. 

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