The last few days for momentum names have been a lot more violent than the indices show. Today, we are seeing a damn near perfect touch of the 50 day moving average in in the S&P 500. We can use this morning’s low to manage risk going forward, 2952. Should today’s low fail, we could have a lot more pain in store with the next line of defense around 2870. Have a look at the daily chart below:
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One name that we have been heavily watching as of late is Twitter. The stock pulled all the way back to support after a failed move to take out some recent highs. Dip buyers are eager this morning, defending yesterday’s low, $41.06. $41 needs to hold or we could be in for some more pain in Twitter.
I’m not in a rush to do much here as many charts have some technical damage to work through. We are now in show me mode, and the bulls need to show me that new highs are still in play.
Here are some tickers from our momentum screen worth an eye today:
