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August 2 – Stock mentions: MU, SQ, NVDA, AMZN, TSLA
Michael Kramer and the clients of Mott Capital own TSLA
- S&P 500 Futures -7 points
- US 10-Year 1.84%
- VIX 17.75
- Dollar Index 98.27
- Oil $55.25
- Shanghai -1.4%
- HK -2.35%
- Nikkei -2.11%
- KOSPI -0.95%
- DAX -2.3%
- FTSE -1.69%
South Korea KOSPI
The South Korea KOSPI is now trading at nearly its lowest level since December and January. We will need to monitor more closely.
S&P 500 (SPY)
Let’s not forget it is a summer Friday, and that means that volumes can get thin this afternoon, and we could see extra volatility due to this. Additionally, I can’t imagine that some traders will want to be long this weekend. There are plenty of reasons for the market not to rise today. Just keep this in mind.
The S&P 500 futures are trading around support of 2,940 on August 2, and it’s looking more and more as if the broader index could be heading towards 2,900.
Micron is moving closer to breaking down on August 2, now trading around $42. A drop below $42 pushes shares lower towards $39.55
Square is dropping below $75 and is now at risk of falling to around $69.90.
Tesla is in the crosshairs today, as a big a part of their growth story is tied to China. Support is at $225, and a drop below that price can push TLSA shares lower towards $205.
Amazon is breaking below support at $1850 and setting for up a drop to $1,800.
Nvidia is breaking down, with support at $160 and the potential to fall to around $150.
Good Luck today.
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results. August 2