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September 20, 2020
STOCKS – AMZN, NVDA, SQ, AMD, AAPL, CRM, JPM, C
Macro – SPY
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- 10 THEMES FOR THE WEEK OF SEPTEMBER 21
- Nvidia May Drop 15% More
- Tech And Market Breaking
- Stocks Looking To Bounce, But Bear Case Grows Stronger
- Salesforce Has A Big Gap Lower To Fill
- Markets Are In A Dangerous Spot
- Big Cap Technology Breaking Down
- Apple’s Stock Declines May Only Be Starting
The S&P 500 finished the week below its 50-day moving average and critical technical support. It makes this a crucial week for the market.
S&P 500 (SPY)
Should the S&P 500 firmly drop below 3,300, it likely sets up a further drop to around 3,260, and then to about 3,180. The area around 3,340 should now act as a severe level of resistance for the S&P 500 going forward.
Amazon (AMZN)
Amazon is likely not finished falling and heading towards $2,800. Volume levels have been surging, which indicates more sellers are coming out; the stock is not even oversold yet.
Nvidia (NVDA)
Nvidia shares have been falling and are likely heading even lower from here. The stock is resting on a significant uptrend, and once that brakes, the shares are likely to fall sharply. Volume levels have surged, the RSI is heading lower, add in some bearish option betting, and this stock is likely heading 15% lower from here. (Premium content – Nvidia May Drop 15% More)
Salesforce (CRM)
Salesforce is likely heading lower from here, as it sits on support at $240, with that monster post-earnings gap that needs to filled down around $219. (Premium content – Salesforce Has A Big Gap Lower To Fill)
Apple (AAPL)
Apple also finished the week below crucial support around $108; as I highlighted earlier this week, there is a good chance this one is heading to $96. (Premium content – Apple’s Stock Declines May Only Be Starting)
AMD (AMD)
AMD finished the week off just below its 50-day moving and nearing support at $71.70. A break of support at $71.70 probably pushes the shares lower to around $59.
JPMorgan (JPM)
JPMorgan is very close to breaking critical support at $97.50. If that level breaks, watch for $88.50.
Citigroup (C)
Citigroup has been slammed, and it likely isn’t finished, potentially falling to $41.20.
Square (SQ)
If Square breaks that uptrend, it is a very long drop to $118. I think it does fall.
Good luck 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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