September 27, 2020
STOCKS – AAPL, NFLX, NVDA, MU, T
Macro – SPY, GLD,
- 7 Themes For The Week Of September 28
- RTM Live Webcast 9.24.20 – Replay
- Risk Aversion Rising – Midday
- More Derisking Taking Place
- Stocks Fail, 2,860 Still In Play
- Stocks Failing At Tough Resistance Levels
- Stock Mount Weak Rally, Watch For Afternoon Fade- Midday
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
It will be a big week for stocks, with a lot of economic data that is likely to move markets. The S&P 500 finds itself in at a make or break moment as it nears a level of technical resistance at the upper end of its trading channel. If the S&P 500 futures can’t clear and hold above 3,312, it seems likely we head to 3,150.
I also happen to think that gold will suffer as well, likely falling to $1,790.
Netflix appears to be in a megaphone pattern, and that likely means it falls to the lower end of that pattern this week to around $450.
Micron will report results this week, and some bearish bets in the options market, indicate the stock falls to around $45.50. (Surging Volatility May Send Micron Shares Sharply Lower Following Results)
Nvidia has been flirting with breaking the uptrend for a couple of weeks, and if the market breaks this week, so will Nvidia, potentially falling to about $460.
Apple is facing stiff resistance at a downtrend too. Perhaps this is the week it finally breaks and falls to $96.
AT&T has been falling apart, with its next stop likely at $27.30.
Have a great Sunday, feeling a bit under the weather today, so keeping it short.
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