Is $WWE Headed to the Top Rope or about to get Body slammed? Here’s Scott’s take – June 9, 2022
WWE SPY QQQ
This is Scott with your Chart of the Day. The market is brutal right now; if I look at the SPY ( NYSEARCA: SPY ), blah, it closed near the lows. QQQ ( NASDAQ: QQQ ), closed near the lows. I think everyone is waiting for CPI to come out and so while we wait for that it is kind of slim pickings in terms of trading opportunities.
But I did spot WWE ( NYSE: WWE ) on a scan tonight and realized this is actually holding up pretty well in a bad market. If I zoom out here you can see that it’s above all the major moving averages and just kind of consolidating around that $66.00 level. If I bring out the drawing tool here, you can see I can draw a downward sloping trendline from there to there and maybe a little support area right there. And so it is just kind of tightening up now.
I don’t know, because of the market, how this is going to react when CPI comes out. But I think it is worth watching for a clear break of this range to the upside and a close above coming on higher than average volume. Now, the volume today here on the daily chart was pretty good, higher than average. If I dialed into a daily chart you can see there is a lot of buying throughout the day and then just kind of a last-hour sell-off with everything else. Even the SPY ( NYSEARCA: SPY ) was dumping into the close.
But I think this ( NYSE: WWE ) has a chance to at least test the highs up here because it is already near the high. So if the market does turn around I think WWE ( NYSE: WWE ) is a stock that we should definitely keep an eye on, I know I will be.
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