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Weekly Stock Market Recap
$SPY $QQQ $IWM $AAPL $TSLA $MSFT $TWTR
First; welcome to all the new subscribers. I’ve noticed a nice uptick in readership lately. So, my sincere thanks to you all for being here and for sharing my work. I really appreciate it.
I have TONS of charts today, more than I can fit in one email. You read the major market comments here, and then you can visit my Twitter feed for the rest if you choose. I’ve included a link at the bottom of this page.
The market has broken down thru almost every short and medium-term support level you can find. It seems that a trip back to February lows will be next.
But, the market rarely does what we think it should. So let's look at some other options too.
Choppiness, range, and compression have been in view for a while. And the bears keep growling. But, what has actually happened next in similar situations?
Once again, @RyanDetrick
$QQQ The tech-stock heavy NASDAQ has been leading the charge lower.
$IWM - Small caps look like big bears. Bearish rising wedge, bear flags, inside of bear flags.
$TLT rally stalled at the declining 8 EMA. Not much has changed in the interest rate situation.
Even the leaders are losing important price levels. $AAPL loses the October low AVWAP. Next stop 200 SMA?
$TSLA strong earnings weren't enough to overcome the selling. $970 has been support.
$MSFT threatening a big base breakdown
$SMH Semiconductors are a mess and continue lower.
Oil even got sold this week. $XLE 8/21 EMAs curling down. 50 SMA is in sight
$OIH failed breakout continues lower. The rising 50 SMA could be the next support area
And finally for this summary:
$TWTR was a little bit of a bright spot. But there is potential resistance overhead with the declining 200 SMA and the ATH AVWAP
For more charts and some individual names please visit my this thread on Twitter.
And as always, if you have thoughts or questions I’d love to read them. So email me, leave a comment here, or join the conversation on Twitter. And if you know someone who would like to read I would be grateful if you shared this with them.
Have a great weekend!