It should be very quiet today until the Fed's announcement
It's fairly obvious that it's going to be very quiet today until the Fed’s rate announcement and press conference, so there is little we can add to what we’ve been saying over the past week. With this in mind, I'm going to focus on the charts of three stocks this morning….all of which could see meaningful moves over the coming days and weeks.
Apple's will break another resistance level on today's opening
After last night's earnings, AAPL looks good both on a fundamental and technical basis. So unless the broad market rolls-over in a significant way, AAPL, should have plenty of upside potential over the coming weeks. To find out the key resistance levels AAPL has broken and our near-term upside targets, click here to subscribe to my premium newsletter.
NFLX is at a CRITICAL technical juncture!
The second stock we’d like to focus on is NFLX. If NFLX rolls back over from its current level (especially if it takes out its reaction lows), it will INCREDIBLY bearish for the stock on a technical basis. It would signal that the recent pop in the stock was a classic example of a “dead cat bounce”. However, if it can bounce further...and regain its 200 DMA, its will be quite positive.
Therefore, traders will want to stay nimble right here on NFLX. Trying to guess the next meaningful move is just that…a guess. When it comes to NFLX right now, sit tight. Don’t engage in “guesswork”. Wait for the stock to TELL YOU what it’s next meaningful move is going to be!
Boeing needs to hold $340, or its trouble.
The last chart I’d like to take a look at is Boeing (BA). We all know the continued problems they have had to face with the 737 Max plane…and now we’re starting to hear more frustrations from airline executives about the situation. The inability of BA to solve this problem has the stock trading back down near a vitally important support level...and any break below that level will be add to the problems BA's stock is facing right now.
Matthew J. Maley
Chief Market Strategist
Miller Tabak + Co., LLC
275 Grove St. Suite 2-400
Newton, MA 02466
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