Stocks Fall Again And The Russell May Be Signalling A Bearish Sign

Stocks Fall Again and The Russell May Be Signalling A Bearish Sign

S&P 500 (SPY)

Stocks were weak once again. We can see in the chart that the S&P 500 is testing its lows from the other day, and for now those lows are holding. At this point, I can’t say I’m overly concerned. A pullback to 2,750 wouldn’t concern me either.

(Click on image to enlarge)

S&p 500, spx

Russell (RUT)

The Russell, now that is a different story. We can see the index has broken its uptrend and a drop below 1,530 clearly triggers a steeper decline to 1,492. Diverging indexes are never a good sign. We really need to see the Russell stabilize here. I would get more nervous over the short-term should the Russell crack below 1,530. It would likely signal a steeper pullback for the S&P 500 too. We will need to monitor.

(Click on image to enlarge)

russell, 2000

Biotech (XBI)

The XBI continues to look really weak, and a drop to $85.25 seems likely at this point.

(Click on image to enlarge)

biotech, xbi

NIO

Nio shares tanked over 20%. I went through the story this morning. The stock fell right through support at $8.35 and now appears to be on its way to that $7.72 region I mentioned earlier.

(Click on image to enlarge)

nio

GE

GE also continues to fall, and I noted this morning the stock was facing a decline below $9. This afternoon it seems like those odds just improved for a drop to $8.90.

(Click on image to enlarge)

ge

AT&T (T)

AT&T continues to look really weak. The stock continues to fall after failing at resistance at $31.20 and suggests a decline to $28.92.In fact, according to data from SmartStops, the equity just entered an elevated risk state indicating there may be further declines ahead.

(Click on image to enlarge)

T, AT&T

Blackberry (BB)

I have really screwed up this Blackberry, after weeks of getting it right. I guess I ran out luck. I don’t know; I have to think about this one. The RSI really bothers me though.

(Click on image to enlarge)

Micron (MU)

1 2
View single page >> |

Disclosure: Michael Kramer and the Clients of Mott Capital Netflix

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

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.