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.
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
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.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 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
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
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