The S&P 500 finished the day in the place it started, up just one basis point. It wasn’t a dull day by any means, with the S&P 500 opening sharply lower only to gain all the losses back, rising sharply, and finish the day at 2,930.
S&P 500 (SPY)
The 2,940 level appears to be a stiff level of resistance for now, and we will need to watch how this level performs tomorrow if tested again. At least for today, the index tested resistance on two occasions, only to fail each time, creating an intraday double top. Not sure that it matters given it is only on the intraday chart, but interesting nonetheless.
Support for the S&P 500 comes at 2917, with resistance at 2940 and then 2955.
Qs (QQQ)
Meanwhile, the Qs just keep rising in this super-tight range that has been in place for 6 days. The RSI is now 65, and it seems like the Q’s have a target to complete the gap fill up at $230. What happens after that is all that matters because we know what tends to happen once gaps are filled.
Amazon (AMZN)
The amazing thing is that the increase in the Qs is happening all without Amazon because the stock has gone nowhere since April 16.
Facebook (FB)
Facebook rose to around resistance today and failed to push through meaningfully. Also, the stock still has an RSI that suggests it is overbought, and I thank that means shares pullback to $191.
Salesforce (CRM)
Salesforces is also back to resistance at $182 and has an RSI rising over 70. A pullback to $166 would be healthy.
PayPal (PYPL)
How is PayPal trading at an all-time when analysts are slashing their earnings and revenue estimates for the company, while the stock is trading with its highest one-year forward PE ratio since 2017. I don’t know. I get the whole digital transaction things, trust me, but still. There is a nice gap-fill still linger around $120.
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