Technical Analysis

Another ugly day for stocks led by Apples tumble

Nasdaq falls -3%

It was another ugly day for stocks as the Apple news after the close on sharply lower revenues shock the confidence from the market.

The final numbers are showing:

  • The S&P index fell -62.14 points or -2.48% at 2447.89
  • The Nasdaq index fell -202.43 points or -3.04% at 6463.50
  • The Dow fell -660 points or -2.83% at 22686.22.  

Big losers include:

  • Bristol-Myers Squibb, -13.26% (the place a takeover bid for Celegene)
  • Apple, -9.96%
  • AMD, -9.48%
  • Delta Airlines, -8.94%
  • Broadcom, -8.90%
  • square, -8.36%
  • Nvidia, -6.04%
  • Intel, -5.5% 
  • Berkshire Hathaway, -5.49% (big holders of Apple)
  • Micron, -5.34%
  • United Continental, -4.97%
  • Starbucks, -4.34%
  • MasterCard, -4.51%
  • Alibaba, -4.46%
  • Boeing, -3.99%

Winners included:

  • Celgene, +20.69% on a takeover bid from Bristol-Myers Squibb
  • Gilead, +2.85%
  • Netflix, +1.32%
  • Schlumberger, +1.08%
  • Comcast, +0.79%
  • AT&T, +0.14%
  • General Electric, +0.12%

Gold also rose near $10 or 0.73% on the day to $1294.  The high reached $1295. 

Looking at the hourly chart of the S&P, the price is closing back below the 50 hour MA at 2453.48.  Stay below is more bearish going forward.  Yesterday, the price high stalled near the 38.2% and the 100 hour MA  (blue line).  That keep the bears more in control. 

Although down sharply, the price remains a good distance from the December low at 2346.58. Remember, that low was right at the 200 week MA line.   So it was a key technical level.  

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