5 Monster Stock Market Predictions For The Week Of September 8
The week of September 8 may be rough with the NASDAQ futures already suggesting a 1% decline to the week.

5 Monster Stock Market Predictions For The Week Of September 8

September 6, 2020

STOCKS – None

Macro – SPY, GLD, EWG, UUP, TLT

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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.

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Tesla (TSLA)

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 (AAPL)

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 (AMZN)

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 (AMD)

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!

-Mike

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