Stocks rose on Monday. It was rather dull, as not much changed from last week. The significant level that matters most in the QQQ is the $262 level. That is likely to act as strong resistance, and where the ETF is likely to stop rising if the trend has changed from bullish to bearish.
S&P 500
Additionally, there was some bearish betting in the S&P 500. The index is hanging around resistance at 3,235, with the next region of resistance up at 3,275.
Amazon
Not the best sign that Amazon (NASDAQ:AMZN) tried to get over resistance yesterday and failed. We will see what happens today. The company reports results Thursday. I still tend to think this one moves back to 2800. I haven’t seen much to change my mind.
NVIDIA
NVIDIA (NASDAQ:NVDA) was up yesterday but continues to hold that downtrend we have monitored the last few days, and I have yet to see any changes to option betting. It continues to indicate to me we see more downside.
NXP Semi
NXP Semi (NASDAQ:NXPI) is trading lower after reporting revenue that missed estimates, and inline guidance. For now, the stock is holding support at $115. The next level doesn’t come until the $107- $108 region.
Disney
Disney (NYSE:DIS) is sitting on its uptrend, and a break of that trend line sends shares lower to $109. Frankly, it is hard to believe this one isn’t lower already.
