Stocks Fumble for Solid Footing: StockTwits
NEW YORK (TheStreet) -- U.S. stocks on Monday fumbled around like a frat boy after last call, seeking a solid foundation to rest and reassess the situation before continuing the walk-of-shame home.
Stocks spent the first half of the day holding tepid gains before testing participants' resolve with a late day test of intraday lows, followed by an impressive snapback closer toward the days' highs. Some might call that whiplash.
With last week's selling pressure as backdrop, some cooler-headed cashtaggers waded into the fray today with some data points to suggest that things might not be as bad as they seem. First, Ryan Detrick shared this little nugget that gives credence to the idea of a highly probable end-of-month rally:
Second, while stocks were in the middle of their late-day test of the lows, J.C. Parets shared this chart that highlights some strong support for those with a time-frame longer than a nanosecond:
the stock market has memory here $SPX let's see if it matters http://stks.co/a0RL2 -- J.C. Parets (@allstarcharts) Apr. 14 at 01:36 PMAnd lastly, our friends at DarvasTrader.com point out a big fat round number that has been a short-term godsend for the beleaguered tech sector:
The NASDAQ finds support at 4,000 for the 2nd straight session. Keep an eye on this level. $COMPQ $QQQ -- DarvasTrader.com (@DarvasTrader) Apr. 14 at 02:02 PMWith lots of big economic and earnings reports to be compressed into four trading days due to the market being closed for Good Friday, stay on your toes. We could see some heightened volatility in either direction. Follow me on StockTwits: @chicagosean At the time of publication, the author held no positions in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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