High beta post meltdown

NOTE: The charts below are all 15-min candles.

$SPY lower highs and lower lows. As simple as that. To the bulls credit we did manage to basically recover Mondays lows and the 155.1 pivot by the end of the day but we’re clearly still in this downtrend on the 15 minute. If we can hold above 155 tomorrow it would seem we will try to carve out a little range here between 155 and 157. Time will tell, my sense is some two way action around here. https://www.tradingview.com/x/iizecuZw/



$AAPL what a day. Chart speaks for itself, no real bounce whatsoever, closed slightly off the lows but nothing noteworthy, a day to take notice. Might be tough for the bears to keep up the accelerated downtrend for another day so you could get a snap out of this wedge but I would expect all rallies to be met by more selling until it puts in a long enough constructive base. Gap down tomorrow could be a nice opportunity for long trade, just an idea not a suggestion. https://www.tradingview.com/x/vz3ReK3O/

$GOOG steady as she goes. Sitting nicely at the bottom end of this horizontal channel patiently waiting for its’ earnings report tomorrow after the bell. flip a coin. My gut says higher but my gut doesn’t pay well. https://www.tradingview.com/x/UFqszrmn/

$NFLX in a fairly controlled downtrend here, next level of interest lower is 165 which coincides with a gap fill. Need price to base out here or break above these moving averages to regain that upward momentum. It’s in a downtrend until it aint. https://www.tradingview.com/x/mn4qjmJM/

$FB You have some pretty clear cut levels and micro ranges to trade against. The lows today at $26.40 is a clear line in the sand to manage long side risk against. The unfortunate part is you have alot of levels to work through to the upside. Could even be putting together some complicated head and shoulder-ish pattern, at any rate I do think if you believe the market can hold in here you can fire away against todays lows. https://www.tradingview.com/x/MYg2VAT1/

$AMZN completed a measured move leg lower to the downside today at 264. All things considered amazon is holding up pretty well compared to its peers in the nasdaq. Not sure the timing is right here for a long trade. What I would like to see is this base fill out a bit more, still looking like a weak bear flag but I think if we can get more successful test against today’s low and a hold it will be a buy-able spot for a trade. https://www.tradingview.com/x/cJCOXqF8/

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Evan Medeiros

Evan is the founder of the Trade Risk. With 25 years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

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