Quantum Computing Breakthrough Please click here for an enlarged chart of IONQ Inc (NYSE:IONQ). Note the following: This article is about the big picture, not an individual stock.
The chart of IONQ is being used to illustrate the point of a major technological breakthrough in the important technology of quantum computing. The chart shows that IONQ is in zone 1 (resistance).
The chart shows that IONQ stock is jumping on a major breakthrough. The chart shows zone 2 (support) is far away.
RSI on the chart shows the stock is overbought. IONQ stock is jumping after IonQ demonstrated that a standard CPU could keep pace with the real time error decoding demands of simulated fault tolerant quantum workloads involving as many as 408 logical qubits and more than 31 million operations.
However, investors need to remain skeptical until more details are available. At this time, it is not known which technology will win out.
In this case, the slower operating cycle gave IonQ’s ordinary CPU considerably more time to decode errors. The congress may bring more news and more developments that can move quantum computing stocks such as IBM Common Stock (IBM), Rigetti Computing Inc (RGTI), D-Wave Quantum Inc (QBTS), Quantum Computing Inc (QUBT), and Infleqtion inc (INFQ).
As a full disclosure, there is a new signal on IONQ in our Buy report. 77.
Prudent investor should note the following: When Micron reported earnings last quarter, the stock first ran up and then quickly dropped 41% intraday. The drop came in spite of Micron beating earnings consensus by 20%, revenue consensus by 15%, and earnings guidance consensus by 20%.
Minor turbulence can capsize the boat. In our analysis, so far positioning in MU stock this time is positive but not very positive.
Stocks move based on the difference between reported numbers and whisper numbers. In the early trade, money flows are positive in Apple Inc (NASDAQ:AAPL), Meta Platforms Inc (NASDAQ:META), and Microsoft Corp (NASDAQ:MSFT).
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In the early trade, money flows are negative in SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust Series 1 (NASDAQ:QQQ). The most popular ETF for oil is United States Oil ETF (NYSE:USO).
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Bitcoin Bitcoin (BTC) is range bound. What To Do Now Consider continuing to hold good, very long term, existing positions and add tactical positions based on signals.
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Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
