V S&P 500 climbed 23 basis points on Monday, helping it avoid a sixth straight day decline. However, the bulls were unable to gain strength as the index fell again on Tuesday, hitting its lowest level in nearly a month. That said, let’s take a look at a few of the major stock trades on Wednesday.
Biggest Stock Trades of Tomorrow # 1: Apple (AAPL)
Apple (NASDAQ:AAPL) was # 1 on the list today when the company unveiled the new iPhone.
After breaking through more than $ 150, Apple tried to find this level as support. This was not enough, however, as the VWAP measure ultimately failed as support and stocks were unable to reclaim the 10-day moving average.
Now, relying on the 50-day and 10-week moving averages – the first test of both indicators in several months – the bulls will look for a bounce.
If they get it, AAPL shares will need to get back $ 150, which is a 10-day moving average. If support doesn’t come into play, there will be a previous $ 145 high on the table.
If the stock does fall, we may have a buying opportunity to fall from $ 138 to $ 140. It was not only the previous all-time high, but also the breakout level at which the 21-week moving average comes into play.
Tomorrow’s Best Trading # 2: Boeing (BA)
Boeing (NYSE:BA) stocks do not look too healthy, especially after the forecast update on Tuesday. While bulls were hoping this would spur stocks higher, it all makes Boeing’s stock more vulnerable than ever.
The stock has broken through the short-term uptrend support (purple line), which now acts as resistance. The 10-day moving average also acts as resistance. These two measures continue to put pressure on stocks in the $ 210 to $ 211 area.
If it gives way, look for the July low as the first downtrend target at $ 204.80, followed by $ 200. Less than $ 200 and $ 192 per game. Below are the various gaps that Boeing can fill.
However, we should see the stock rally in 10 days. More impressive would be a move worth over $ 224.
Best Trading Tomorrow # 3: Wynn Resorts (WYNN)
Wynn resorts (NASDAQ:WYNN) also does not attract investors, having fallen by almost 11% over the day. On the other hand, stocks are above the session low. In addition, the stock almost filled two gaps left on the chart last month.
However, this is not the best view.
From here, aggressive bulls could go long against $ 87.50 – just below the August low. If Wynne surpasses today’s high, she could return to $ 100.
More conservative traders may feel more comfortable waiting for a break and return of $ 87.50 by entering a long position with less risk. Of course, the risk in this strategy is that Wynne doesn’t trade that far.
However, the overall loss of $ 87.50 and the inability to reclaim it puts Wynn in a tough spot.
Tomorrow’s Best Trades # 4: S&P 500
The S&P 500 is trading on its sixth day of decline in the last seven sessions. Despite this, the stock fell just 1.8% from its highs.
Look, the situation is pretty simple. So far, every fall to the 50-day moving average has been bought. This has been the case for several months. In March, this trend failed and we almost fell to the 21-week moving average.
But other than that, it was a trend. You don’t have to dig deeper into the weekly SPX options or download SPDR S&P 500 ETF Trust (NYSEARCA:SPY). But at least know that the market is close to the trend support point.
If that fails, we can finally get that 5% correction that everyone seems to want. Until then, check out the levels.
As of the date of publication, Bret Kenwell did not have (directly or indirectly) any positions in the securities referred to in this article. The opinions expressed in this article are those of the author and are published on InvestorPlace.com. Publishing rules…
Bret Kenwell – manager and author Future blue chips and is on Twitter @BretKenwell…