Stocks Gap Higher On April 8 And Go Nowhere The Rest Of The Day

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Adobe (ADBE)

This is Adobe’s fourth attempt to get above resistance $500. It just seems like the timing couldn’t be worse for it. The RSI is nearly at 70, and the stock is overbought based on the Bollinger band. Does that mean it can’t break out and push higher, no? Of course, it could break out. However, it doesn’t seem favorable at the moment for a breakout to occur.

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Square (SQ)

Square is doing well, and even the RSI has turned higher. There is a gap to fill at $267.

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Peloton (PTON)

Peloton looks decent currently. With its next level of resistance at $127.50, the RSI is turning up a push above that, and it could even move up to $139.

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PayPal (PYPL) may even have a bit further to go before filling a gap at $268.50.

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Disclosure: Mott Capital Management, LLC is a registered investment adviser. Information ...

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William K. 4 weeks ago Member's comment

The whole concept of "levels of resistance" seems to be based on the presumption that "groupthink" is somehow organized, instead of being a herd panic mode, driven by greed. In reality, rational thought overcomes emotional greed reflexes, and there is a realization that some moves are just lain dumb.