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12/27/20
Stocks – GME, ZM, FUBO, AAPL, FB, MU
Macro – SPY, QQQ
Mike’s Reading The Markets (RTM) Premium Content – Get An Extra 20% Off Thru January 1.
- RTM TWA – Stock Patterns Remain Bearish, As Rates Near A Breakout
- RTM MORNING NOTE- Rising Yields Are The Biggest Risk To Stocks – Don’t Discount It
- RTM Midday- Testing Resistance – Big Level
- RTM MORNING NOTE- S&P FUTURES STRUGGLING AT 3,690
- RTM MIDDAY: What Will Keep Stocks Rising?
- RTM Morning Note – Betting Big In Square
- RTM-MIDDAY: GAP FILLING ALGO’S, TRENDS LOWER
- RTM Options Analysis – AMD Seeing Bearish Betting
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
It will be another holiday-shortened trading week, with the stock market closed on Friday, January 1. There will also be limited amounts of economic data this week, which means there won’t be much news to push the markets around unless something new with the stimulus bill develops. I find it unlikely that a new bill is presented or that President Trump will sign the current bill. He will most likely pocket veto the bill, making it essentially disappear.
S&P 500 (SPY)
Resistance for the S&P 500 is currently around 3,715 with support around 3,700 then 3,655. I continue to think that we will head lower over the next several weeks, filling plenty of gaps on the way towards 3,200. (Paid Subscriber Video – RTM TWA – Stock Patterns Remain Bearish, As Rates Near A Breakout)
NASDAQ (QQQ)
It is not all that much different this week for the Qs, with resistance now at $310.50 and support around $308.
Gamestop (GME)
Gamestop is a stock that we started to look at last week. Based on my analysis, this seemed like a typical convexity squeeze, and now it is breaking down. There is a descending triangle pattern that is forming, and the RSI and volume levels are falling. It would indicate the stock’s next level of support comes around $18.65. (Should be a free story – GameStop’s Soaring Stock May Crash And Burn)
Zoom (ZM)
Zoom may not be finished falling over the short-term, with the stock moving to support at around $370. A break of support would indicate a sharp decline is to come, with the shares dropping to around $325.
Micron (MU)
Micron stalled at resistance around $70 and now faces a reversal of fortune. The stock is sitting on support around $69 with the potential for it to drop to around $61.40 over the next 2-week ahead of results.
FuboTV (FUBO)
Fubo hasn’t finished falling yet, as the convexity squeeze has popped, and the stock still faces a lock-up expiration this week. It could have more downside to around $39.75. I talked more about why I think this is the case in this week’s video for subscribers. (Should be free – fuboTV’s Stock Is In The Middle Of A Giant Squeeze)
Facebook (FB)
Facebook broke down this past week, and I continue to think the stock is heading lower towards support at $259.50. The stock has fallen through the bottom uptrend after completing the “ABCDE” triangle pattern.
Apple (AAPL)
Apple completed a gap fill at $131 while completing a 5-count impulse wave higher. It should now result in a reversal lower, back to $124 this week.
-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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