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.
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.
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.
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.
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.
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.
