There is no doubt that AMD has had a monster move.
27 Aug 2018 AMD closed at 25.26, which showed a Shooting Star doji on the daily chart.
28 Aug 2018 AMD closed at 25.05, which is only 0.21 off the previous day. However, I believe that it confirmed the Shooting Star.
Considerations for the short term
- AMD has closed for the last 4 days outside of the upper BB....
IBM broke a weekly trend line closing at 144.08. I would expect a pull back to support at 139.34ish before it bounces back or moves lower. Next level below 139.34 is 121.23.Neutral outlook at the moment
INTC is still in a Rising Wedge that is nearing it's end.
There is Bearish Divergence on the MACD
Fully expecting this one to fall out and test support around the 51.50 area.
Considering the last two days of trading; there is a real possibility of the SPY testing 253.64.
- Weak volume on the upward trend which formed a double top before finally falling off on Friday (Panic Selling)
- It cracked the Fib 50% at close.
- Confluence Line sits at 253.64, which is also an area of support.
Overall, watch the chart for 253.64. If it breaks...
