{"id":113602,"date":"2021-11-30T23:33:46","date_gmt":"2021-12-01T04:33:46","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=113602"},"modified":"2023-02-16T15:07:13","modified_gmt":"2023-02-16T20:07:13","slug":"stocks-drop-on-november-30-and-are-now-left-to-stand-on-their-own","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/stocks-drop-on-november-30-and-are-now-left-to-stand-on-their-own\/","title":{"rendered":"Stocks Drop On November 30 And Are Now Left To Stand On Their Own"},"content":{"rendered":"\n

Stocks \u2013 F, XOM, AAPL<\/p>\n\n\n\n

Macro \u2013 SPY, QQQ, IEF, FDN<\/p>\n\n\n\n

Stocks fell sharply again today, undercutting Friday\u2019s low by falling roughly 1.9%. The market turned on Powell\u2019s tapering stance, which seemed to favor a faster taper. It was noted on a few occasions on TV about the timing of this stance, especially with the uncertainty around omicron.<\/p>\n\n\n\n

The timing was not a mistake; everything Powell says, I\u2019m sure, has been carefully vetted and thought about. He is sending a message to the market that new coronavirus variants will not derail the Fed\u2019s plan to taper. I would take it as far as to say that I think the Fed wants the market to do the heavy lifting for them and wants the market to tighten financial conditions because that may choke off inflation, allowing them a chance to leave rates lower.<\/p>\n\n\n\n

It is just a theory, but he will speak again tomorrow, and maybe he will walk it back, but I don\u2019t think he will. I think he will have the same stance. He wants the rates higher and wants the dollar strong; he knows this action will slow inflation.<\/p>\n\n\n\n

Yields<\/h2>\n\n\n\n

The yield curve immediately reflected this with the short-end rising and the back-end falling, flattening again. The 30-Year minus the 3-Month is something to see. It is currently sitting on a significant level of support and has a broadening wedge pattern present. Both suggest that lower levels for this spread are coming, which would indicate further flattening. That spread could quickly drop to 1%.<\/p>\n\n\n\n

\"30<\/figure>\n\n\n\n

S&P 500 (SPY)<\/h2>\n\n\n\n

The S&P 500 can easily fall to 4365, and nobody at the Fed would likely come to save it. After all, the last 10% gain on the S&P 500 and NASDAQ was just pure stupidity, all driven by multiple expansion. The \u201creal\u201d losses only start after we break 4,365.<\/p>\n\n\n\n

For now, 4,550 is the next significant level of support, and then 4,490 and 4,450. So there is a lot of room here for things to happen.<\/p>\n\n\n\n

\"S&P<\/figure>\n\n\n\n

Nasdaq (NDX)<\/h2>\n\n\n\n

It looks like a head and shoulder pattern is forming in the NDX, and once it breaks 15,990, that pattern will be complete, which could mark a significant top.<\/p>\n\n\n\n

\"Nasdaq<\/figure>\n\n\n\n

Technology ETF (FDN)<\/h2>\n\n\n\n

The FDN fell sharply today, breaking that significant uptrend I noted not long ago. $223 is the next level to look for; it doesn\u2019t speak highly for technology stocks in general. You can also see that triple top, head-and-shoulders pattern present as well.<\/p>\n\n\n\n

\"Technology<\/figure>\n\n\n\n

Exxon (XOM)<\/h2>\n\n\n\n

Crude oil was slammed again today, and Exxon continues to look very weak here. I still think it fills the gap at $57.50<\/p>\n\n\n\n

\"Exxon\"<\/figure>\n\n\n\n

Apple (AAPL)<\/h2>\n\n\n\n

Apple was up today on a report out of Digitimes that said that sales of the new iPhones surged in China. I don\u2019t know where Apple should go at this point. At this point, this stock seems like a haven trade more than anything else. I am happy it is up, don\u2019t get me wrong, I have owned it for a long time. But something seems off here.<\/p>\n\n\n\n

\"Apple\"<\/figure>\n\n\n\n

Ford (F)<\/h2>\n\n\n\n

Ford is very close to breaking support at $19, which would push the shares back to around $15.55, filling the gap.<\/p>\n\n\n\n

\"Ford\"<\/figure>\n\n\n\n

–<\/p>\n\n\n\n

Originally Posted on November 30, 2021 \u2013 Stocks Drop On November 30 And Are Now Left To Stand On Their Own<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Stocks fell sharply again today, undercutting Friday\u2019s low by falling roughly 1.9%.<\/p>\n","protected":false},"author":17,"featured_media":113608,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15,6,8,9,22,26,3],"tags":[155,8870,437,8122,262,516],"contributors-categories":[13718],"class_list":{"0":"post-113602","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-fixed-income","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-aapl","15":"tag-fdn","16":"tag-ford","17":"tag-ief","18":"tag-spy","19":"tag-xom","20":"contributors-categories-mott-capital-management"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nStocks Drop 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