Sunday, April 21, 2024

Stocks took a pounding last week as investors rushed for the exits in the worst selling we’ve seen since October of last year. On Friday, Super Micro Computer (SMCI) announced its next quarterly earnings date without any preliminary results, and the stock crashed $214 on fear of weaker earnings. This news yanked technology stocks lower like Nvidia (NVDA) which fell $84. Thankfully, we watched this destruction from the sidelines in cash as I’ve noted for several weeks now.

Let’s start the charts with the Nasdaq-100 (QQQ) & S&P-500 (SPX).

TBA = Technical Buy Area

My short-term trading oscillator closed in oversold territory with a reading of -48. This reading suggests that an oversold bounce could occur soon, though it’s only best for the quick intraday trader right now.

Tonight the charts are so busted up that cash is still the best option but let’s review a few.

I’ll see you tomorrow in the chatroom and back here tomorrow night for an update on the charts.

Daniel J. Zanger