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MARCH 22, 2020
STOCKS: AAPL, AMZN, JPM, ROKU, PYPL, BA
- What To Watch For During The Week Of March 23
- Economic Outlook Darkens Quickly
- Reaching For Dollars – Midday 3.19.20
- I Think This Going To Get Worse, I Raised My Cash To Just Over 40%
Michael Kramer and the clients of Mott Capital own AAPL
The week of March 23 is going to be a wild one again after a horrible last week. The options market is suggesting that the SPY rises or falls by 9.3% from the $230 strike price, based on the long straddle options strategy for expiration on March 27. It puts the ETF in a trading range between $208.60 to $251.40.
S&P 500 (SPY)
The S&P 500 saw a low of 2,270 on Wednesday, and that maybe the big level to watch this week, with a break below 2,270, sending the index to around 2,190. The following level of support comes around 2,080, and the lower bound of the trading range being suggested by the options market.
Apple fell below support at $235, and that means the stock is likely to continue falling towards $225.
Amazon broke the uptrend this week and is now sitting on support at $1825, with the next level of support coming around $1760.
Roku has been trending higher, but is approaching resistance at $81, and break of that uptrend sends the stock lower back towards the lows at $58.
JPMorgan is trading above an essential level of support at $81, with a break sending the shares lower to $71.
Boeing is now trading below $102 and is likely to move even lower to $70.25.
PayPal is nearing support at $85.60, and a break of that support could send the stock lower towards $74.50.
Try to have a good week!
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.