It was another volatile day in the stock market, with the S&P 500 going limit-down and triggering a temporary trading halt. Here’s a few top stock trades now.
Top Stock Trades for Tomorrow No. 1: Apple (AAPL)
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Shares of Apple (NASDAQ:AAPL) are struggling to hold up, but are doing a better job than the indices. The Nasdaq, Dow Jones and S&P 500 are doing worse, as Apple is still maintaining above its 200-week moving average.
If the stock loses the 200-week moving average, the $235 level is on watch. Below that and technically speaking, the $215 breakout level is possible.
On the upside, see if Apple can reclaim the February low. Above that puts $275-plus on the table, as well as the 100-week moving average near $284. Over that and the $300 level is on watch.
Apple is one of the largest holdings in each index. So keep an eye on this as a potential market leader — in both direction.
Top Stock Trades for Tomorrow No. 2: Alphabet (GOOG, GOOGL)
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One of the most well-financed companies in the market is Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG). Yet, the stock is getting the smack-down treatment along with the rest of the market.
Alphabet blew through the $1,300 breakout level, a mark it held over the last few weeks but plunged below this week. It’s no surprise given the breadth of selling pressure we’re seeing in the market.
If GOOGL continues lower, there are two levels I have on my radar. The first is the 200-week moving average down near $1,050. Below that and $1,000 range support is on watch.
On the upside, see if Alphabet can reclaim the 100-week moving average near $1,200. Above that and the 50-week moving average is in play near $1,250.
Top Stock Trades for Tomorrow No. 3: S&P 500 ETF (SPY)
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The SPDR S&P 500 ETF (NYSEARCA:SPY) stabilized just under $300 in each of the last two weeks. That was also just below the 50-week and 200-day moving averages.
Investors can only pray they see those levels again in the near term, with SPY plunging $50 from those levels. The stock went right through the 100-week moving average and is, at least for now, stabilizing at the $250 mark and 200-week moving average.
If it loses this area, the $230 to $235 area is possible, which was the 2018 low.
On the upside, let’s see if SPY can reclaim the $270 mark, with the 100-week moving average in play above that.
Top Stock Trades for Tomorrow No. 4: Disney (DIS)
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Disney (NYSE:DIS) is being sold, as it should. That said, it could present a great buying opportunity for long-term investors. I personally did not think we would see sub-$100 levels in this name.
If the current zone holds as support, bulls will be looking to the upside. On a rebound, let’s see if $100 is reclaimed. Above that and the 200-week moving average near $110 is possible.
If Disney can’t hold this current support zone, $86 is possible on the downside.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long AAPL, GOOGL and DIS.
