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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September 21, 2020
STOCKS – AAPL, SQ, MSFT, DOCU
Macro – SPY, QQQ, GLD, DXY
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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
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN MSFT AND AAPL
Free video of the week:
Stocks are getting smashed to start the week off, reversing the typical Monday gap higher routine. It isn’t just here in the US; it is around the globe today. Germany and the UK are both trading lower by over 3%. The S&P 500 futures are now trading below that critical level of support mentioned yesterday in the 9 Themes for the week video.
S&P 500 (SPY)
The S&P 500 ETF is also trading support at 329.40 and is heading towards its next level of support around $323.60.
NASDAQ 100 (QQQ)
Meanwhile, the Qs are trading well below support at $264 and challenging the lows from Friday.
The dollar is also getting ready for its massive break out to come as it completes that bull flag pattern.
Gold is also falling this morning and is getting very close to breaking support at $1925.
The financials are breaking down today, with the XLF falling below $24.20, and that significant uptrend we have been watching closely.
Square is trading down by 3% pre-market and is breaking that significant uptrend we have tracked. The next stop on this one is probably around $118.
Apple is now filling the gap trading around $104, which means the next stop is likely to come at $96.
DocuSign is just waiting to break that support level at $191, and I’m eager to see it happen, with the next stop at $160.
Microsoft is falling below support at $198.25, with the next significant level around $187.
Have a good one!
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.