RiskReversal Recap: April 18, 2024

S&P 500 Posts Longest Losing Streak since October

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RiskReversal Media
April 18, 2024

Today’s MRKT Call is Presented by FactSet

Chart Check on S&P 500, Semi Stocks Slide, Earnings Preview

Dan Nathan, Danny Moses and Carter Worth break down the top market headlines and bring you stock market trade ideas for Thursday, April 18th.

Click here to access the charts mentioned in today’s MRKT Call.

Chips & Dip? Semis as good as it gets, for now? TSM reports strong EPS after its strong sales a couple weeks ago, stock down 5%. Micron to receive $6.5 Billion in Chips Act grants and the stock is barely up. TSM has little support until $120, with massive support near $110 and what will soon be its 200-day moving average.

Tesla (TSLA) is below $150, there is NO technical support (or valuation, for that matter, the direction EPS is headed) until $100.

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WHAT WE’RE READING

  • S&P 500 Slides on Thursday, Heads for Longest Losing Streak Since October (CNBC)

  • Ed Yardeni Sticks With ‘Roaring 20s’ Over IMF’s Call for a ‘Tepid’ Decade (Bloomberg)

  • Housing Market Slumps as Mortgage Rates Top 7% (WSJ)

  • Tesla Stock Falls After Analyst Downgrade (Barron’s)

  • TSMC Lowers Chip Market Outlook as Consumer Weakness Persists (Bloomberg)

  • Micron Poised to Get Over $6 Billion in Chips Grants in Announcement Next Week (Bloomberg)

  • These are the 10 Most Overvalued Stocks in the S&P 500 (CNBC)

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