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September 13, 2020
STOCKS – AAPL, AMZN, MSFT, AMD, TWLO, DOCU, SQ, NVDA
Macro – SPY, QQQ
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- 9 Themes For The Week Of September 14
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- Live Webcast September 24 9PM ET
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It will be a big week with the FOMC meeting on Wednesday, along with quadruple witching on Friday. It means volume levels are likely to be high, as will volality. (Premium Content – Get first two weeks for FREE – 9 Themes For The Week Of September 14)
S&P 500 (SPY)
The S&P 500 closed out the week at 3,340, right on support. The uptrend has been smashed, and momentum has shifted from higher to lower. I think this week, we see more losses with a potential decline to around 3,260.
NASDAQ 100 (QQQ)
The Qs also have broken their uptrend, and I think that the trend is bearish over the medium-term, with the potential for the ETF to drop even further with a $250 target over the next few weeks.
Apple (AAPL)
Apple is sitting on support at $108, and the RSI has swung from bullish to bearish momentum. Apple has a bunch of gaps that need to be filled from its post-earnings run, as the convexity squeeze has ended. I think it deflates further to around $96.50, working to fill the gap.
Amazon (AMZN)
Amazon went out sitting on a support level at $3,100. I noted an article I wrote up for Forbes that I thought it was going to break to $2,800. It may not happen all this week, but that is where I think it goes over the next few weeks. (Free story – Amazon Nears A Technical Breakdown That May Send The Shares 15% Lower)
Microsoft (MSFT)
I also noted in this story for Forbes why I think Microsoft is heading lower, as it breaks its uptrend and heads towards $198 and then potentially $187. (Free story – Microsoft’s Stock May Fall Another 10%)
AMD (AMD)
AMD broke support at $79, and the next level does not come to around $72, which would allow it to fill the gap.
Square (SQ)
Square is very close to breaking its uptrend, and I think it does. Once that trend line breaks, the stock should deflate, with the first stop at $118.
Twilio (TWLO)
Twilio is very close to breaking its support level at $218, and is likely on its way lower towards $181, as momentum on the RSI continues to trend downward.
DocuSign (DOCU)
Docusign broke its uptrend and is now at support at $188, and is likely on its way lower towards $160.
Nvidia (NVDA)
Nvidia is very close to a big breakdown and should it fall below $460 that break down begins. I think the stock falls to $425, but on its way much lower.
Have a great Sunday!
-Mike
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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.
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