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Monthly Inflow Day Disappoints, As Stocks Are Little Changed

By Michael KramerStock MarketsMay 04, 2021 12:44AM ET
www.investing.com/analysis/monthly-inflow-day-disappoints-as-stocks-are-little-changed-200577246
Monthly Inflow Day Disappoints, As Stocks Are Little Changed
By Michael Kramer   |  May 04, 2021 12:44AM ET
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Stocks finished the day, Monday, mostly mixed with the growth to value trade back on. The S&P 500 finished the day higher by around 25 bps, while the NASDAQ 100 finished the day lower by 50 bps.

S&P 500

The S&P 500 (SPY) 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
S&P 500 Index 5-Min Chart

NASDAQ

The Invesco QQQ Trust (NASDAQ:QQQ) 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
QQQ 5 Minute Chart

Amazon

Amazon.com (NASDAQ:AMZN) was down another 2.7% on Monday, despite reporting robust results 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
Amazon Inc 5-Min Chart

Micron

Micron Technology (NASDAQ:MU) 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
Micron Technology Inc Daily Chart

Advanced Micro Devices

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

AMD Inc Daily Chart
AMD Inc Daily Chart

Freeport

Meanwhile, with copper continuing to rise, Freeport-McMoran Copper & Gold (NYSE:FCX) 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
Freeport-McMoran Inc Weekly Chart

Original Post

Monthly Inflow Day Disappoints, As Stocks Are Little Changed
 

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Monthly Inflow Day Disappoints, As Stocks Are Little Changed

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FATME sahraie
FATME sahraie May 05, 2021 12:18AM ET
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clayton park
clayton park May 04, 2021 3:32AM ET
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good calls Mike
 
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