Chris Verrone Gives His Technical Take On Amazon, FedEx And Microsoft
On CNBC's "Fast Money", Chris Verrone of Strategas Research Partners shared his technical analysis on FedEx Corporation (NYSE:FDX), Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT).
He said that FedEx dropped around 40 percent from its highs, which is similar to the 40 percent drop in 2015. He suspects the selling could be close to done and it could wash out in the $150 to $155 neighborhood.
Verrone sees problems in Amazon. It hasn't been able to bounce at all and it now has a trend problem as the 50-day moving average dropped below the 200-day moving average. It closed below $1,500 on Wednesday and it might drop to $1,300, said Verrone.
Microsoft also has more room on the downside, believes Verrone. Before the corrective phase is over, it could drop to $90.
For the broad market, Verrone sees the 2,700 level as a cap for any rally in the S&P 500 and he sees 2,400 or 2,450 as near-term support.
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