@Adobe $ADBE $GE @Boeing $BA $GLD
It was a volatile day in the stock market, given that it was a Fed day. Let’s look at a few top stock trades going into Thursday, where hopefully we will get more clarity.
On the downside, let’s see how the ~$465 level act as support. There Adobe finds the 50-day moving average, the 161.8% extension and uptrend support (blue line).
Should that area fail to hold, we could see some air come out of Adobe. It potentially puts the $420 to $430 area in play, but we’ll likely need to see some broader market selling to get there.
On the upside, we need to see ADBE reclaim $500 and Wednesday’s high at $505.50. Above puts the two-times range in play at $518.36. Over that and the all-time highs are in play.
It sent the stock over the 20-day and 50-day moving averages, as well as downtrend resistance (blue line). Those now become support levels to watch on the downside.
Should support hold — or should GE continue higher before testing those lows — look for a possible rally to the 23.6% retracement, near $7.30. Above that could put the 200-day moving average in play, followed by the June highs near $8.50.
Boeing (NYSE:BA) bulls will now be looking for similar action to GE, which is a rotation over the 20-day and 50-day moving averages, as well as downtrend resistance.
There was strength in the airlines and Boeing on Wednesday. As a result, I would keep them on my radar this week. A move over $175 could get a quick rally to $180, which has been acting as resistance.