Transcript
Hello, everyone, welcome to Thursday, the S&P 500 was down .3% today. And what I’ve been talking about is as the S&P 500 tries to get back to its all time high, there’s quite a bit of volume of shares that were sold at those prices above where it is now. And that becomes resistance. It’s difficult to get through that. But we’ve also created this tremendous amount of support below the current price. And it’s why you haven’t seen me wear a green or a red shirt for a while, because we’re just kind of churning in between here, we’ve actually created three levels of support now, including last week.
And so today, we were above that we got down to the top. And so you know, we’re just moving around amongst this area. But some of the big news that’s coming out has to do with the tech stocks and the weakness in the tech stocks. And Microsoft was down a couple percent today in those types of things. One of the things to keep in mind that is happening is that we’re about to have earnings announcements. So for example, Microsoft is going to have an earnings announcement next week on the 22nd. Well, last time they did earnings announcement, the stock dropped $10 over that two week period from 179 to 169. And then it zoomed all the way up to 216. As a high well, now it’s down $13, just before the earnings report. So you know, those types, Apple, same thing, it dropped $10, before its last earnings report dropped down from $288 to $278. But then it went all the way up to $399. And now it’s at $386. It’s also down 13 dollars both down $13 from their high. And so in there Apple reports on the 30th. So that’s just something to keep in mind, you know that this type of stuff often happens. I’m not sure what the reasons is.
I think people don’t like the uncertainty, you know, knowing what’s going to happen with the earnings. You know, we’re in this for the longer term. So we definitely want to stay there. But I you know, I predicted before we’d see some narrow volatility until we break out of this, hopefully so I think things are going okay. I’m pretty happy with how everything is worked out. And so I want to see what’s going to happen tomorrow, and I’ll talk to you about that then thank you very much.