September 7, 2020
STOCKS – AAPL, AMD, AMZN, TSLA
Macro – QQQ
Mike’s Reading The Markets (RTM) Premium Content – NOW WITH A 2 WEEK FREE TRIAL
- For The Week Of Sept. 8, Plus New Theme Tracker
- This Pullback May Be Different
- We Will Find Out Fast What Happens Next
- A Drop To 2860 On The S&P 500 Is A Real Possibility
- AMD May Fall 11% More
- Stock Market Comes To Critical Moment
- Stocks Set To Sell-Off Morning Commentary
- The NASDAQ Just Hit That Level Again – Midday
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA AND AAPL
MICHAEL KRAMER HAS QQQ PUTS
Nasdaq 100 (QQQ)
The Nasdaq futures are trading down about 1% today, following last week’s sell-off, and the futures find these sitting on the uptrend, which has been so critical to this big rally.
To this point, this uptrend has held, despite being tested multiple times over the past few days. A break of this uptrend would be horrible news and would likely send the futures down another 5.5% to around 10,870.
At this point, the RSI is now moving lower and suggesting more decline for the NASDAQ 100.
Tesla didn’t get into the S&P 500, at least during this round, and the stock is trading lower in Germany, with a dollar equivalent of around $390, which is down from Friday US close of $418. A drop below $390 sets up a decline to about $372. The $372 level is essential because there is no support after that until $331.
Apple is also trading lower in Germany today, to $119.29 in USD equivalents, and the stock needs to stay above that $115 level of support. I continue to think it is like heading lower towards $109.
Amazon is also trading down by about 1% in Germany today, but the level of comes at that uptrend, with a break likely resulting in a drop to $3,100.
AMD had a tough week, and this week isn’t likely to be any easier, with the potential to drop back to $71.70.
Have a happy labor day!
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