Michael Kramer and the clients of Mott Capital Own AAPL
Sigh. I wish I knew when it would end. Just stop the pain. The fast pace nature of the Market is just brutal. What set off today’s meltdown? Well the Apple news about iPhone units, again, didn’t help. NAHB Housing Market Index came in well below consensus estimates of 67 at 60, a big miss. So we get the big sell-off.
S&P 500 (SPX, SP500)
I thought the S&P 500 would hold support at 2720, that was wrong. It did manage to keep the uptrend around 2,690. Again although the last few days have been lower, the overall trend is still higher since the end of October. We need to hope that the S&P 500 can continue to hold this uptrend as fragile as it may be. A break below 2,680 likely means a retest of the lows. We need to keep this trend not to lose all momentum.
The good news is that the technology XLK ETF managed to hold support around $65.50. It is a critical support level because it is the previous all-time high from the year 2000.
Apple is also approaching its long-term uptrend and is still managing to hold support around $186. I had thought Apple would reach $209 this week. That is wrong now. Now instead of near breakout we were at last week, we need to worry about support holding.
Amazon finished the day down 5% and is now closing in on its lows. $1450 is a critical level for Amazon to hold. Otherwise it has even further to fall, perhaps to $1350.
Facebook continues to meltdown, and the stock continues to be toxic to this market. Yes, we could be looking at a decline to $115.
Nvidia is heading to $140 far faster than I thought it might, it almost there at $144 after that comes $121.
AMD continues to melt, and I think this one has room to fall to $16 still.
Next week I will be experimenting with some products I am thinking about for 2019. If you have any suggestions or would like to see more of something I am not doing or not doing enough of, please me know. This is the time to ask!
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Amazon, SP500, Apple, nvidia, Facebook, AMD