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Here’s another fine example of how IPO mania can drive a stock up to prices that have simply no basis in reality: Shake Shack exploded to nearly $100 per share after its IPO. Since then, it’s lost about a third of its value. Remember, this is in the context of a market at lifetime highs. You don’t have to imagine very hard what sell-side analysis were saying to customers as the stock approaching triple digits. Hint: it wasn’t “sell here.”
SPX hit the daily upper band yesterday and has reversed there. This may be the first day of an upper band ride, so we’ll see whether it gets another touch today. I have the multiple support levels underneath in the 2102-10 zone today. SPX daily chart:
Depicted on the Weekly chart below of the S&P 500 E-mini Futures Index (ES), are two External Fibonacci Retracements, a Fibonacci Extension, and a channel.
There are two upcoming levels of confluence representing major resistance:
I’d watch for any aggressive drop below 2070 to signal a possible re-test of the bottom of the channel around the 1980 level, or even lower (I’d watch for general signs of weakness in the Dow Jones Composite Index — as noted in my post of June 20th — as confirmation)…otherwise, if price holds above 2070, we could very well see the second target resistance level hit by July 20th.
Slope of Hope patron saint George Carlin’s death was seven years ago today. This was my “JFK moment”, since I know precisely where I was when I heard the news. In honor of our departed saint, here’s some of his wisdom which, as always, was spot-on:
