The shares started in the second quarter on the wrong foot, dropping lower today. That said, here are some of the main stock trades now.
The best stock market transactions of tomorrow # 1: Microsoft (MSFT)
Microsoft (NASDAQ:MSFT), the largest participation of SPDR S&P 500 ETF (NYSEARCA:SPY), starts to roll. The stocks did not resist the 100-day moving average and were quickly rejected by the 50-day moving average.
Let’s see how the stock moves on a slightly deeper drop, down to the $ 150 mark and the 200-day moving average. If this area fails to support the stock, more drop could be in a store.
I would love to see another $ 140 test to see how Microsoft is holding up. If $ 140 is used as support, MSFT should avoid a new low test near $ 135. Below the two levels, $ 130 is at stake. A decline in the previous resistance which takes the place of support is not only a healthy action on prices, but would be a constructive development as investors obtain a lower level with which to work.
On the upside, however, see if the stock can recover its 100-day moving average. Above that, and the 50-day moving average is at stake.
Best stock markets of tomorrow # 2: S&P 500 ETF (SPY)
Speaking of the SPY ETF, let’s take a closer look at the stock.
Last night i reported a very similar graph, but also pointed out that SPY was failing its 200-week moving average. On the daily chart above, you can see that the 20-day moving average acted as a resistance, as did the 38.2% retracement for the 2020 drop (which is also the 52-week range).
Equities are now struggling to maintain the lesser 23.6% retracement. Below this mark and the lows of Q4 2018 almost $ 233.75 are at stake. If these are maintained, bulls can see a buying opportunity with a higher drop in place. If he doesn’t hold, he puts the 2020 lows at stake just below $ 220.
Best stock markets of tomorrow # 3: AT&T (T)
At the start of the sale, AT&T (NYSE:T) held on. But selling pressure has also affected this stock – which has since fallen below $ 30. He struggled to get that brand back because it goes down to the top $ 20.
Last week, the $ 26 bar pushed stocks higher, but a new test of this low is not out of the question yet. If this level breaks, the $ 25 bar is at stake, which has been the case for several years now.
However, let’s see if AT&T can recover $ 31. Above, this brings into play its 100 and 200 week moving averages between $ 32 and $ 32.50. Above that and the middle of the $ 30 is on the table.
Best titles in stock for tomorrow n ° 4: Peleton (PTON)
There was no love for Platoon (NASDAQ:PTON) during the company’s IPO in September. Up nearly 10% on Wednesday and having jumped from its lows of around $ 18 in March, PTON is clearly back in favor.
The stock is nearing its $ 29 IPO price, which has been resistance in recent months. Above this mark and resistance to the downtrend currently close to $ 31.50 is at stake. Above that and $ 34 is possible.
Looking back, see if Peloton can find support between $ 24 and $ 25. Below puts $ 21 on the table. Below that and the March lows are at stake, where buyers had previously intervened on several sessions.
Bret Kenwell is the director and author of Future Blue Chips and is on Twitter @BretKenwell. At the time of this writing, Bret Kenwell is a long T.