Tax day and bombs exploding in my hometown of Boston. I have had a busy couple of weeks anyway, but now am answering phone calls and texts left and right. The update today with SiriusXM is interesting and there may well be impacts due to the macro situation and what transpired in Boston. Wall Street had a tough day. SiriusXM was trading at $3.05 when the explosions rocked Boston. It closed at $3.03.
Volume was at 57 million shares. This was just shy of average volume and higher than most days we have seen lately. From an equity standpoint, seeing SiriusXM give up PPS on volume is not a good prospect. The positive is that volume was not extremely big today. What we want to watch for is volume at the key support level of $2.99. It is more likely now than yesterday that we test the 100 day EMA at about $2.95.
Support and Resistance
Support and resistance has us sitting between $2.99 and $3.09. That is the current and immediate battleground. The equity is wound tightly, so be ready for a move either way. Pay close attention to these levels.
Exponential Moving Averages
We have gone from all green to almost all red in 1 trading day. These swings can happen when the EMA's are wound very tightly and the current stock price is right next to these averages. The key level is $3.09 to remove the caution and warning flags. Stay tuned!