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June 24, 2020
STOCKS – BA, LULU, CSCO, BAC
MACRO – SPY, QQQ,
Mike Reading The Markets Premium Content – $35/Month or $300/Year
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S&P 500 (SPY)
Stocks are declining on June 24, with the S&P 500 futures down about 70 basis points and so far finding support around 3080. Today will be a somewhat important day based on those technical charts we have been watching so closely.
The futures have failed multiple times at the 3,145 levels over the past few weeks, and that could prove to be a turning point for the index at least over the short-term. A break of support at 3080 potentially sets up a further decline to around 3050 on the futures. Again, I think there is an excellent chance we retest the recent lows around 2,950.
NASDAQ 100 (QQQ)
At least, based on the trends in the Qs, the ETF is likely to fall back to the lower end of the trading channel around $240.
Additionally, I have pointed out several times to subscribers, we are seasonally entering a difficult time for the markets, with the most notable headwind being the end of quarter rebalancing from institutions. Premium content – The New Week Faces Headwinds – Morning.
This rebalancing, along with other typical quarter-end activities, could weigh on stocks and help to make the next couple of weeks more challenging with potential for a downward bias.
Boeing (BA)
Boeing finds itself sitting on support and an uptrend at $183, with the potential to fall back to $166.
Bank of America (BAC)
Bank of America finds itself sitting on support at $24.25, with a break of support sending the shares lower towards $22.50.
Lululemon (LULU)
Lululemon has failed at resistance a few times at $311 with the potential to fall back to around $281.
Cisco (CSCO)
Cisco is trading below support at $45.65, with the potential to fall to around $43.25.
Have a great Wednesday.
-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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