Is that likely to happen all this week, well let’s hope not? Sharp and sudden moves are never good. The slower, the better.
A break in the S&P 500 futures on Sunday night into Monday below 2980 certainly gets us moving in that downward direction. Based on where the IG weekend Dow is trading, which is down 80 bps, we are likely to open right on that support level. No surprise, I guess.
Micron (NASDAQ:MU) reports on Monday after the close, they already preannounced the quarter, so there should be no real surprise there. The stock hasn’t even reacted favorably. The only place the company could surprise is on how they see the rest of the year going. DRAM and NAND prices have been falling since the end of April, and that can’t bode well for guidance going forward and is likely to pressure margins lower. It likely means a disappointing outlook and a stock that goes to $45.50.
The pattern in Western Digital (NASDAQ:WDC) also confirms this bearish outlook, and Western Digital is likely heading lower, too, towards $35.50.
Facebook (NASDAQ:FB) was smashed last week, and it is likely to continue this week. I have been seeing bearish betting in this stock for two weeks in a row. If the stock falls below $213, there is a good chance it declines to $203.
I saw a lot of bearish betting June 24th on AT&T (NYSE:T), and that likely means the stocks declines have only begun. The shares are now resting on an uptrend and support at $28.90. A break of support sends shares lower to $27.35.
There was a lot bearish betting for Disney, indicating shares fall sharply. There isn’t a company that is likely getting hurt more than Disney from the pandemic. Nearly every aspect of there business is under attack, and there is