Micron Technology

  • MU

  • $102.95

  • +4.66%

  • $100.10

  • $103.29

  • $98.06

Ticker Appearances

Thu, October 3, 2024 | 12:16PM ET

⚡ FlashInsights

Thu, October 3, 2024 | 12:16PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
NVDA 0.28%  pattern is not unlike AAPL -0.14%  and at a combined 10% of SPX, is at least part of the reason for a bit of slowdown in the Tech trade lately. (Both AAPL and NVDA have traded in range-bound symmetrical triangles since July) As seen, this triangle pattern requires a move over 126.50 for a breakout (and this is the likely outcome) and today's rally to multi-day highs has provided a bit of a short-term spark for Technology (While Equal-weighted Tech is just fractionally positive, XLK is up +0.55%, due largely to NVDA, PLTR -1.13% , AMD -0.12% , CRWD 2.08% , and MU 4.66%  outperformance, all of which are higher by more than 2%. NVDA looks appealing here ahead of its breakout, and movement above 126.50 should result in acceleration that leads this back to new highs, technically.
Tickers
Mon, September 16, 2024 | 12:01PM ET

⚡ FlashInsights

Mon, September 16, 2024 | 12:01PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
Heading into Europe's close, we see a moderate rally in US Equities that has been largely disguised by weakness in AAPL -0.14%  which is falling by the most it has in a month. While Equal-weighted S&P 500 did rise to a record high today early in trading before giving back some of these gains, 10 of 11 sectors are higher today on an Equal-weighted basis, with only Technology being dragged down. This Tech weakness isn't as apparent when eyeing RYT which is just lower by -0.26% but XLK 0.87%  is down -0.67% as AAPL along with SKYW 1.13% , QRVO 3.37%  MU 4.66% , TER 1.87% , and AVGO 0.41%  are all down more than 3%. Thus, Semiconductors are down, but the broader market is acting fine, with Financials, Energy, REITS and Utilities all higher by more than +0.50% and even Healthcare is up by +0.47%. Overall, it's important to recognize that the US stock market is made up by more than just AAPL -0.14% , but Technology's negative performance today is dragging down the major US Benchmark indices like SPX and NASDAQ, while DJIA is positive, DJ Transportation Avg is positive and RSP 1.30%  is higher by over +0.30%.
Tickers
Thu, September 12, 2024 | 11:52AM ET

⚡ FlashInsights

Thu, September 12, 2024 | 11:52AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
CPI and PPI data resulted in some volatility this week for Equities, but largely have locked in the outcome of next week's Fed meeting with a 25 bp cut, if the rate cut bets of the Swap market positioning is any guide. Whether or not we see a subsequent 50 bp the following meeting and Rate cuts follow the markets 200 bp into next June is open to argument, but for now, economic data has stabilized somewhat in the last month, and Treasury yields seem to be taking their cue more from labor mkt data than inflation. Equities are mildly higher today, thanks to 6 positive sectors out of 11 and breadth is around 2/1 positive. Yet, its the slightly negative move out of Technology (A 2.71% , MU 4.66%  LRCX 4.67% , STX 2.84%  big laggards) and Healthcare weakness (MRNA 3.79% , WAT 3.00% , TMO 0.72% , PFE 0.56% ) thats causing benchmark indices not to be higher.

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