Stocks Drop Looking For Gaps To Fill May Have Further To Fall

S&P 500 (SPY

It was a pretty dull day, with the market falling by just 35 basis points to around 3,135. The day felt directionless for the most part. The way the market was rolling over mid-day, I thought we’d get a modest pullback, which we did start to see towards the close, and I think it means there is more tomorrow. 

Resistance on the chart hasn’t changed at 3,150; meanwhile, at least based on today’s actions, it is looking as if the gap wants to get filled. 

S&P 500, spy

 

Acadia (ACAD

Acadia fell sharply today, for no particular reason. The stock appears to be partially filling a gap and moving down to support around $48. Could it fall further? It seems possible, but I think it should hold at $48. By the way, the CEO sold his stock as part of a 10B5-1 plan

acadia, acad

 

Apple (AAPL)

Apple also fell sharply, filling the big gap higher from Friday.

apple, aapl

 

AMD (AMD

AMD also had a rough day, and it appears to be heading lower to around $38.80.

amd

 

 

Tesla (TSLA

Tesla did have a good day and appeared to be trending higher back towards resistance at $347 in an attempt to fill the gap up at $360.

tesla, tsla

 

Facebook (FB

Interestingly, Facebook managed to hit resistance at $203 today and failed. It would suggest that the stock fall to around $198.

facebook, fb

 

Back tomorrow. 

Disclosure: Michael Kramer And The Clients Of Mott Capital Own ACAD, AAPL, TSLA

Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's ...

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