7 MONSTER STOCK MARKET PREDICTIONS FOR THE WEEK OF OCTOBER 5
Here are 7 stock market predictions for the week of October 5.

7 Monster Stock Market Predictions For The Week of October 5

October 4, 2020

STOCKS – AAPL, AMZN, FB, GOOGL, PYPL

Macro – SPY, QQQ

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Stocks were up last week but made little headway after Monday’s gap higher. Stimulus talk managed to keep things afloat, but then weakness began to re-enter the markets by Friday after the S&P 500 rejected Thursday’s break out attempt, moving back below the 50-day moving average. 

S&P 500 (SPY)

But more importantly, a bearish pattern has formed across the S&P 500 and a number of the leading stocks in the market. The S&P 500 appears to have developed a bear flag/pennant. This negative continuation pattern, suggesting the index is likely to take a leg lower this week, with the critical level to watch for coming at 3,200. (Premium content – get the first 2 weeks free – 5 Themes For The Week Of October 5)

NASDAQ 100 (QQQ)

The Nasdaq 100 also formed a bearish rising wedge pattern last week, dropping out on Friday. It would suggest we see lower prices this week, heading towards $265. 

Apple (AAPL)

Apple is just one of those stocks that seem to reflect that same bearish pattern. Meanwhile, a drop below support at $110.50 is likely to lead to a decline to $104. 

Amazon (AMZN)

Amazon is exhibiting that same pattern, with a drop below resistance at $3,100, leading to a decline to around $2,870.

Facebook (FB)

The same pattern also exists on Facebook, with the potential for the shares to fall to around $241. 

Alphabet (GOOGL)

The same pattern also exists in Alphabet, with the potential to fall to around $1,360. 

PayPal (PYPL)

The same pattern is also present in PayPal with the chance to decline to around $171.

I guess you get the point. The same pattern is in a lot of places.

We should get a good sense of things on Sunday night once the futures open. Good Luck, everyone!

-Mike

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