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July 5, 2020
STOCKS – SQ, DIS, LLY, NOK, MRVL
MACRO – SPY, BKX
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- Square May Drop By As Much As 20%
- Earnings Trends – 7.4.20
- Fed’s Balance Sheet Falls, Stocks Stall
- Lucky 7?
- Testing Resistance/Reducing Tesla -Midday
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S&P 500 (SPY)
It will be a typical trading week, and the only thing that matters for the S&P 500 is if the futures can push beyond that 3,150 level. Including Thursday, the S&P 500 futures have failed at 3,150 level six times. It is an adamant level of resistance, and the longer that region remains strong, the more likely it is that the S&P 500 continues its trend lower since peaking in early June.
The uptrend that formed in early April is now broken, and that uptrend is now resistance too. Premium content – 3 Keys To The Week Of July 6
Banks (BKX)
The BKX bank index may be heading lower with a descending triangle pattern that formed and the potential to drop to around $68.
Square (SQ)
Square has seen a massive move higher in recent weeks, and the stock had been able to stay nicely in an uptrend but is now forming a bearish bump and run pattern. A break of the second uptrend sends the shares back to $102. Meanwhile, I saw some bearish betting in this Stock on Friday that indicate a steeper drop by mid-August. Premium content – Special First Two Weeks Free 4th of July special – Square May Drop By As Much As 20%
Disney (DIS)
Disney has been trending lower in recent weeks, and I expect that the trend lower will continue with the potential for shares to fall to $99 eventually. Premium content – Disney Shares May Plunge By Up To 14%
Eli Lilly (LLY)
Eli Lilly looks healthy and has been climbing in an ascending triangle, with the potential to break out and increase to $177. The RSI has even turned bullish.
Nokia (NOK)
Nokia’s chart is looking bullish with a potential ascending triangle and gap to fill up to $5.10.
Marvell (MRVL)
Marvell also looks bullish with a bull pennant and potential for shares to rise back to $37.
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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