This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
Otherwise, enjoy the column!
Subscribe to the Monster Stock Market Commentary and join the 2,416 subscribers getting it for FREE every day!
For the week of August 19 – Stock mentions: SPY, NVDA, AMD, AMZN, NFLX, TSLA
Michael Kramer and the clients of Mott Captial own NFLX and Tesla
For the week of August 19
The week of August 19 will undoubtedly be a busy one filled with headlines. But the most critical headline won’t come until Friday when Jay Powell will speak at the Jackson Hole Economic Symposium at 10 am. It could make this one of the biggest weeks of the year, and again help to shape the longer-term direction for the market. I’d laid it out in this write up for premium readers. The Week Of August 19 May Be The Most Important Of The Year
Here is a free weekly podcast:
S&P 500 (SPY)
The good news is that the S&P 500 has developed a bull pattern in the chart, which suggests the index may continue to rise following its late-week surge. The index has found firm support around the 2,825 level now on three occasions. It is setting up what could a bullish reversal pattern known as triple bottom. It also served as a retest of the lows on August 5. Additionally, there is a gap that now needs to fill up to 2935.
However, I am optimistic that this time, the index will continue to rise beyond resistance at 2,935. That is because the index has already previously failed at that level on three prior occasions. On the fourth attempt, it is much more likely the S&P powers through that level. Should that happen, it takes the index higher back to the all-time highs.
Nvidia filled the gap up to $160 this week after reporting better than expected results. Now the stock is likely to continue higher towards $171. To read more check out this premium article: Nvidia’s Rally May Only Be Starting
AMD is hovering around resistance at $31.40, and it is likely to push higher towards $32.30 now.
Amazon has been holding onto support around $1770 nicely, and now if it can finally clear resistance at $1800, perhaps AMZN can push back towards $1900.
Netflix appears it has successfully retested a break out from a falling wedge. Perhaps finally the stock can start moving higher towards $321 and further.
Tesla may still have some further to fall, but $205 should be the bottom.
Have an awesome Sunday!
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.