Stocks fell on both the S&P 500 and the Q's dropping too. Overall, it was a game of the fill the gap, with the index gapping lower to start the day, and then rally back to fill that gap back up during the day. Ultimately, the index once again failed resistance around 3,625
Couple that with the number of stocks trading above their 200-day moving average, and the ingredients appear to be right for a topping in the market.
Tesla
Tesla surged yesterday by over 7% but failed to push over resistance at $460. That is the level where everything has to happen. With no breakout, it seems like there is a good chance the stock fills the gap back to $410.
Exxon
Exxon was up again yesterday, and it is basically around 1% from my target, so I’m calling it a day there. I will re-evaluate that one.
GE
General Electric made it all the way to $9.74 today, pretty amazing, as this stock has really risen from the ashes. It is probably overbought at this point, with an RSI over 80 and plenty of gaps to fill lower.
Amazon
Amazon continues to trend in the wrong direction, and I still think this stock is heading lower from here. No, this is not about holding for the long-term; we are merely talking about trading here.
