Friday Sep 18 2020, started off with both the SPX and NASDAQ higher but quickly ran into selling. By 12:30 sellers were dominating and easily pushed the SPX through 3330, a key support level of the rally. This triggered more selling with that break lower, sending the SPX down to 3295, through another key level of 3300. 3300 though is stronger and as we saw, the SPX rebounded to close back above 3300.
Microsoft Stock (MSFT) Tests Key Support
Like many stocks on Friday, Microsoft broke through a key support level which has held the stock higher since late June. It managed to recover that same support late in the day but this could mark a change for the stock.
This article looks at the testing of support on Friday, the outlook for the stock into the fall and winter along with trades leading up to the next earnings report on October 21.
The rest of this trade ideas article is for FullyInformed Members.
Microsoft Stock (MSFT) Tests Key Support Level – Upcoming Trades To Consider
Disclaimer: There are risks involved in all investment strategies and investors can and do lose capital. Trade at your own risk. Stocks, options and investing are risky and can result in considerable losses. None of the strategies, stocks or information discussed and presented are financial or trading advice or recommendations. Everything presented and discussed are the author’s own trade ideas and opinions which the author may or may not enter into. The author assumes no liability for topics, ideas, errors, omissions, content and external links and trades done or not done. The author may or may not enter the trades mentioned. Some positions in mentioned stocks may already be held or are being adjusted.