Stocks finished the day lower by a modest 1.8% on the S&P 500. In regular times, that would be a lot, but these days aren’t normal times by any stretch of the imagination. How could they be when the front-month contract for oil fell to NEGATIVE $36. That’s right; the buyer of oil got paid to take it off the seller’s hand—strange world. It just goes to show you how much supply there is versus the weak demand, and nowhere to store the stuff.
{{0|S&P 500 (SPY)
Anyway, the S&P 500 managed to finish the day at 2,823. Again, I am no fan of this market, and the chart appears as if maybe finally ready to roll over. You can see yet another rising wedge pattern forming for the S&P 500, and one these days, it most certainly is going to lead to a decline. But don’t worry, the first leg lower shouldn’t be too bad, there is some support around 2,761.
NASDAQ (QQQ)
The QQQ also finished the day lower, but just 1%. More importantly, the NASDAQ broke a significant uptrend, and it could result in a drop back to around 8,185.
Square (SQ)
At least for yesterday, I saw some bullish options betting in Square (NYSE:SQ). The chart looks constructive, but again this market is hard to get right these days.
Amazon (AMZN)
Amazon.com (NASDAQ:AMZN) is still showing signs of topping out, with an RSI declining, and now volume levels waning. The first level of support comes at 2,275.
Netflix (NFLX)
Netflix (NASDAQ:NFLX) will report results today, and I think everyone would be surprised if subscriber growth weren’t healthy. The big question is, how long will it be until they resume production and what is their free cash flow. Remember, they carry a decent amount of debt. Like Amazon, Netflix has an RSI trending lower, and volume levels are also falling. They report results tonight.
Intel (INTC)
We should keep an eye on Intel (NASDAQ:INTC) today, the stock fell through the uptrend yesterday, and that could set up a test of support at $55.90. They report results this Thursday.
JPMorgan (JPM)
The chart for JPMorgan (NYSE:JPM) doesn’t look very strong, and the uptrend in the RSI appears to be at risk. I’d watch closely at the uptrend around $88. A break of that trend sends the stock back to its recent lows.
