Monthly Inflow Day Disappoints, As Stocks Are Little Changed

This article was originally published on this site

Stocks finished the day, Monday, mostly mixed with the growth to value trade back on. The finished the day higher by around 25 bps, while the finished the day lower by 50 bps.

S&P 500

The S&P 500 () did start the day jumping to around 4,210 and filling the gap created on Friday morning. With the uptrend broken and confirmed, we should start to see a move lower from here. The key level will be at 4,180; once that breaks, there could be quite a distance to fall.

S&P 500 Index 5-Min Chart

NASDAQ

The Invesco QQQ Trust (NASDAQ:) appear to be worse off than the S&P 500, while the ETF approaches a significant level of support at $334. A break of support at $334 would trigger a further drop, as it would confirm a short-term double top.

QQQ 5 Minute Chart

Amazon

Amazon.com (NASDAQ:) was down another 2.7% on Monday, despite reporting robust last week. I guess someone had a good call on Amazon. I think it is likely to find some support around the $3360 level.

Amazon Inc 5-Min Chart

Micron

Micron Technology (NASDAQ:) fell yesterday and was very close to falling below support and the uptrend around $85.50. If that happens, it is likely to head towards $74. The RSI suggests that support breaks and the decline continues.

Micron Technology Inc Daily Chart

Advanced Micro Devices

It looks like the breakout in Advanced Micro Devices (NASDAQ:) ahead of earnings was a head fake, with a move back to $73 probably on the way.

AMD Inc Daily Chart

Freeport

Meanwhile, with continuing to rise, Freeport-McMoran Copper & Gold (NYSE:) should likely continue to rise with it. The next level of resistance is likely at $43, last seen in the fall of 2012.

Freeport-McMoran Inc Weekly Chart

Original Post

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.