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13 Charts That May Predict Where The Stock Market Goes Next
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Subscribe →Every chart is broken, that is all I can say, and honestly looking at all of these charts is starting to get confusing. What makes the charts so complicated is that last week most of these very same charts where showing breakouts all over the place. That is what makes the events of the past few days so strange. What seems even more strange is the VIX at 25. The S&P 500 was down 6 percent last week, and the VIX is only at 25?
The term structure of the VIX is still in backwardation.
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The term structure of the SPY ETF options market is normal, and that tells us Volatility is expected to be short-lived.
But at the current levels, the VIX is not high enough to indicate a capitulation type moment, and that has me concerned.
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SPY
The volume in the SPY is not even nearly as high as what we saw in early February.
It suggests the selling isn’t over just yet, and that event may come sometime early next week.
When the market is this type of sell mode, fundamental’s mean nothing, because the machines are in control, and for most the part these algo’s are looking for levels.
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Charts
Below I will run through a bunch charts I am watching closely, with the next support levels to watch for are, or levels that need hold. I’m not saying the stocks go to those prices, I’m just saying this where they might gravitate towards. Also, if they hold it tells us a reversal may be in the works.
Technology ETF
The technology ETF has been entirely smashed and is right on its uptrend. Anyone who reads these columns enough knows these lines on the chart I don’t not change or move, once I have placed them. So the fact that the XLK closed right on the uptrend means something.
Again volume not that impressive in the XLK today either.
Consumers
The same with consumer discretionary stocks.
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Amazon
Amazon closed right at support around $1500, this is a significant level for Amazon, a break here, and it goes to the low $1,400’s.
Apple
Apple broke support at $168, it possible for a move to around $159.
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Google must hold $1000, or we are going towards $920.
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Facebook looks like it is going to $148.
Netflix
Netflix better hold at $295.
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Tesla
Tesla must hold $290
Micron
Micron may be headed towards $49.
Nvidia
Nvidia..ugh $218???
More Saturday night into Sunday.
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Tags: #sp500 #tech #technology #amazon #vix #facebook #apple #google #tesla #nvidia #mu #netflix
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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