Replies to post #3445 on Micron Technology (MU)

[JLS]

I see it's doing quite well.

I watch MU regularly and saw negative news about it yesterday (as I recall) but it's being ignored which I interpret as a good sign.

So I was just mumbling to myself a few minutes ago that I should monitor it a little more carefully and come back to trading it once in a while.

As I see it until it's proven otherwise, MU will trade in the upper half of its red fork, or perhaps above SMA(50), so any test of the middle tine or SMA(50) is a good entry point, but only if the overall market is behaving well.

I underline that last phrase because I would not be surprised if $SPX rolls over and goes farther down in a significant correction, and I'm not the only one that thinks that. If you look at $SPX using weekly intervals (bottom chart), I have $SPX making the right shoulder of an H&S pattern. That means that $SPX topped out last week. And it also means that MU topped out last week, at $44.21 (the upper corner of the red down-fork).