S&P 500 Closes Week Below Critical Technical Support. What Next?

S&P 500 Closes Week Below Critical Technical Support. What Next?


The finished the week below its 50-day moving average and critical technical support. It makes this a crucial week for the market.

S&P 500

Should the S&P 500 firmly drop below 3,300, it likely sets up a further drop to around 3,260, and then to about 3,180. The area around 3,340 should now act as a severe level of resistance for the S&P 500 going forward.

Amazon

Amazon (NASDAQ:) is likely not finished falling and heading towards $2,800. Volume levels have been surging, which indicates more sellers are coming out; the stock is not even oversold yet.

Amazon Inc Daily Chart

NVIDIA

Nvidia (NASDAQ:) shares have been falling and are likely heading even lower from here. The stock is resting on a significant uptrend, and once that brakes, the shares are likely to fall sharply. Volume levels have surged, the RSI is heading lower, add in some bearish option betting, and this stock is likely heading 15% lower from here.

NVIDIA Corp Daily Chart

Salesforce

Salesforce (NYSE:) is likely heading lower from here, as it sits on support at $240, with that monster post-earnings gap that needs to filled down around $219.

Apple

Apple (NASDAQ:) also finished the week below crucial support around $108; as I highlighted earlier this week, there is a good chance this one is heading to $96.

Apple Inc Daily Chart

AMD

Advanced Micro Devices Inc (NASDAQ:) finished the week off just below its 50-day moving and nearing support at $71.70. A break of support at $71.70 probably pushes the shares lower to around $59.

AMD Daily Chart

JPMorgan

JPMorgan Chase & Co (NYSE:) is very close to breaking critical support at $97.50. If that level breaks, watch for $88.50.

JPMorgan Daily Chart

Citigroup

Citigroup (NYSE:) has been slammed, and it likely isn’t finished, potentially falling to $41.20.

Citigroup Daily Chart

Square

If Square (NYSE:) breaks that uptrend, it is a very long drop to $118. I think it does fall.

Square Inc Daily Chart

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Michael Kramer


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