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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Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice when the market changes. I am not right all the time and I do not expect to be. I ...
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