Stocks Analysis by Michael Kramer covering: Nasdaq 100, S&P 500, Microsoft Corporation, NVIDIA Corporation. Read Michael Kramer's latest article on Investing.com
The S&P 500 is forming a bearish flag pattern within a broader rising wedge, while the Nasdaq 100 has broken below a pennant formation. If these patterns play out as expected, it could mean that the recent market could be on the verge of a reversal.A move lower in the S&P 500 yesterday helped to fill the gap from Friday’s opening. The index also hit the 10-day exponential moving average and failed there, closing below the 50-day moving average.
A break below 5,400 likely means the bear flag is broken, which would indicate that the rising wedge could be broken. If, by week’s end, the rising wedge is broken, it is likely because the move higher in the index is over.The pennant in the Nasdaq 100 broke lower yesterday, allowing the index to move down to the trend line that started in October. A break of that trend line would also be an important change in trend.results yesteray.
It just isn’t often you see so many numbers that miss expectations across multiple categories. You can’t miss when trading at 36 times the next twelve months’ earnings estimates. I think the double top has been confirmed at this point, and, interestingly, a projection of the top of the double top to the neckline suggests the stock falls to around $95.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
S&P 500 Microsoft Corporation NVIDIA Corporation
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