NDX, SPX - outlook after the correction

The S&P500 correction seems to have stopped after the index remained above the support of about 2880 (23.6% Fibonacci), where the index scored several consecutive daily closes. Today, the index rose to 2890.

SPX, H4 chart

We expect the index to remain above support. The most likely move for today will be a retest of 2900. DeMarker points to a potential upward movement but has not yet passed over 0.3 to give a definitive signal.

2900: This is the most important resistance to the index. Round number, 50-period MA, and start of the correction from the beginning of the week. Long or short positions are too risky while the price is locked between the support of 2880 and the resistance around 2900.

Bearish pressure on Facebook and Twitter shares during the interrogation at the US Congress shifted to other technology companies such as Netflix, Google and Amazon. NASDAQ (NDX) dropped to 7500.

NDX, H4 chart

The index fell to 7500, which is Fibonacci support level 23.6%. From these levels we expect a continuation of the upward trend. DeMarker points up from an exceptionally oversold territory. Levels around 7500 are suitable for opening a long position.

Shares that we will track in today's US session:

Exxon Mobil - The company has signed an initial agreement to invest in an oil processing plant in China, as well as a liquefied natural gas station.

FAANG + Twitter - We will monitor the stocks of the companies after yesterday's sell-off in the technology sector.

GlaxoSmithKline - The UK company is undergoing restructuring and plans to cut its US workforce from 15,000 to 14,350.

Gamestop - The company's shares jumped over 22% yesterday after it became clear that the company will be redeemed by the private equity funds Sycamore and Apollo.

Source: CNBC

Original post: Stocks making biggest moves premarket

Read more:

• J.P. Morgan Chase beats profit and revenue expectations
• Goldman’s stock drops as profit falls below expectations
• The top 5 dividend shares for each investor
• NDX is possible to form a “Head and shoulder” formation
• Apple forms a triangle formation