STOCKS – SQ, AMD, ZM, CSCO
MACRO – SPY, XLK
Stocks managed to regain today, what they lost in the final hour of trading yesterday. I’m not sure that much changed though from the recent trends. It just seems as if the weaker dollar may have added some fuel back to the risk-on trade. Perhaps it has become as simple as that; there is not much else for me to look too, to explains today’s action.
S&P 500 (SPY)
The index did manage to rise back to and test the break of the rising wedge today; it did find resistance at that level. Unfortunately, it also probably means we fill that gap lower tomorrow.
Technology (XLK)
The XLK technology could never get past resistance in the $114 zone, which I think maybe a big deal, especially if we trade lower tomorrow.
Square (SQ)
Square just continues to hug that trend line higher; at some point, it’s going to break. When it does, $117 seems to be the next stop.
It took longer than I thought it would be Zoom finally got my $227 target. (ZM)
AMD (AMD)
AMD’s trading makes little to no sense some days, and today was one of those days. I’m curious to see what happens tomorrow. It seems the support level is at $75, but the question is which way is the trend.
Cisco (CSCO)
Cisco plunged after hours from weaker guidance and news their CFO was retiring.The stock found some support at $45.50. I’m not sure that there is anything special about that place, so there may be some more downside to the stock.
Comments
Log in or sign up to join the conversation.