Whilst the main market saw a day of moderate swings, there was very powerful downside in SNAP, which settled lower by -8.7% at $15.51. The break below the IPO issue price of $17.00 is a very significant technical break, confirming a recent bear flag. Near/mid term outlook is bearish.
Suffice to add, the pressure has been building for a few weeks, and today saw the decisive break below the $17.00 price.
Today can be seen as merely day'1 of a down wave that will probably see SNAP in the $14/13s within days.
A grander issue is whether we'll see single digits. Clearly, if next earnings (date unknown) even fractionally miss, the stock is going sub $10.00.