To The Moon

Stocks fell on Friday as Wall Street ended one of its worst weeks in months. $Apple(AAPL)$ $Amazon.com(AMZN)$ Analysts say traders reacted to a nasty FedEx earnings warning about the global economy... The Dow Jones Industrial Average fell 139.40 points, or 0.45%, to close at 30,822.42. The S&P 500 lost 0.72% to end the week at 3,873.33. $S&P 500(.SPX)$ The Nasdaq Composite slipped 0.90% to end at 11,448.40. The worst week for the S&P 500 and the Nasdaq since June...$NASDAQ(.IXIC)$ $FedEx(FDX)$ shares plunged 21.4%, their worst daily decline on record, after the shipping company withdrew its full-year guidance and said it would implement cost-cutting initiatives to address weak global shipment volumes as the global economy "deteriorated significantly". Note that transportation stocks are generally considered a leading indicator of the stock market as well as the economy. FedEx pointed to weakness in Asia as a key reason for its negative outlook. FedEx's announcement would rekindle fears shortly after a US inflation report on Tuesday. FOMC would have investors' full attention...whether the Federal Reserve would be forced to cause a recession to cool prices...but that data would already be priced in... But analysts say the summer comeback rally is looking more and more like a bear market bounce... All this being said, let's take a purely technical look at the market: The 3800-3850 area would be the support to watch with June levels below. 3900-3950 would be resistance. In a slightly more advanced context, we could say that from now on the market would be subject to the Marco, and could react mechanically...between bands between 3800-4100 until the end of the month... Thanks for reading Please follow me @Do_Trading on twitter for updates and post