The S&P 500 climbed 23 basis points on Monday, helping it to avoid its sixth-straight daily decline. Bulls couldn’t muster up much more strength, though, as the index fell again on Tuesday — hitting its lowest level in almost a month. That said, let’s look at a few top stock trades for Wednesday.
Top Stock Trades for Tomorrow No. 1: Apple (AAPL)
Apple (NASDAQ:AAPL) was on the top of everyone’s list today, as the company introduced the new iPhone.
After breaking out over $150, Apple was trying to find this level as support. However, it wasn’t enough, as the VWAP measure eventually failed as support and shares weren’t able to reclaim the 10-day moving average.
Now leaning on the 50-day and 10-week moving averages — the first test of both measures in a few months — bulls will be looking for a bounce.
If they get it, AAPL stock will need to reclaim $150, then the 10-day moving average. If support doesn’t come into play, the prior high at $145 will be on the table.
Should shares really flush lower, we may get a buying opportunity down near $138 to $140. Not only was this a prior all-time high as well, but it’s also a breakout level and where the 21-week moving average comes into play.
Top Stock Trades for Tomorrow No. 2: Boeing (BA)
Boeing (NYSE:BA) stock isn’t looking too healthy, particularly after its outlook update on Tuesday. While bulls hoped this would spur the stock higher, all it does is leave Boeing shares looking more vulnerable than ever.
The stock broke below short-term uptrend support (purple line), which is now acting as resistance. The 10-day moving average is also acting as resistance. The two measures continue to squeeze shares against the $210 to $211 area.
If it gives way, look to the July low as the first downside target at $204.80, followed by $200. Below $200 and $192 is in play. Below that, and there are various gaps Boeing could go on to fill.
On the upside, however, we need to see shares back over the 10-day. A more impressive move would be one over $224.
Top Stock Trades for Tomorrow No. 3: Wynn Resorts (WYNN)
Wynn Resorts (NASDAQ:WYNN) isn’t winning over investors either, plunging nearly 11% on the day. On the plus side, shares are above the session low. Additionally, the stock essentially filled two gaps left on the chart from last month.
Still, it’s not a great look.
From here, aggressive bulls may be long against $87.50 — just below the August low. If Wynn pushes through today’s high, it could press back up to $100.
More conservative traders may feel more comfortable waiting for a break and reclaim of $87.50, getting them long with a smaller amount of risk. Of course, the risk in this strategy is that Wynn doesn’t trade down that far.
Overall, though, a loss of $87.50 and failure to reclaim it puts Wynn in a tough spot.
Top Trades for Tomorrow No. 4: S&P 500
The S&P 500 is working on its sixth down day in the last seven sessions. Despite that, the stock is down just 1.8% from its highs.
Look, the situation is pretty simple. So far, each dip to the 50-day moving average has been bought. That’s been the case for months now. In March, that trend failed, and we nearly had a dip to the 21-week moving average.
But short of that, this has been the trend. You don’t have to plow into SPX weekly options or load up on the SPDR S&P 500 ETF Trust (NYSEARCA:SPY). But at least know that the market is near a trend support spot.
If it fails, then we may finally get that 5% correction everyone seems to want. But for now, know the levels.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.