This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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August 29- Stock mentions: AAPL, NFLX, BABA, FB, SQ
Michael Kramer and the clients of Mott Capital own AAPL and NFLX
Russell 2000 (IWM)
It would appear that the markets for the moment have escaped the abyss with the Russell 2000 rising by over 1.6% and closing pretty close to its highs. Now the Russell needs to clear a downtrend at 1,500, with a significant region of resistance waiting in an area of 1520 to 1536.
It seems as though the RSI is attempting to break out and push higher. It would at least indicate to me we likely see a test of the 1520 to 1536 region.
S&P 500 (SPY)
The S&P 500 is also getting close its big break out region at 2935. I went through the reason why in a video today. It seems possible that this may be the time the S&P 500 finally breaks and pushes towards 2950. Here’s Why The Long-Awaited Break Out May Finally Happen
Facebook broke a downtrend today and is now testing resistance at $186 with a chance to push higher towards $194.
Netflix looks like it rising above the falling wedge. But then it stalled out and appeared to have formed a new downtrend. I’d feel a whole better if the stock could get over $300. At that point, the chance for a push to $320 seems possible.
Apple stopped rising at $209.50 again, and it likely sets up a push towards $217.
Alibaba is rising, but this thing has so much headline risk, it worries me. Resistance is around $178.
Square has been holding support around $62 and appears to be forming a double bottom. The stock would need to rise above $65.50 to confirm the double bottom. I will monitor this one.
At least tomorrow is Friday
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