Stocks Are Higher On January 24, A Make-Or-Break Point

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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January 24, 2020

STOCKS: INTC, SWKS, SQ, AMD, ROKU

MACRO: SPY, MTUM

MICHAEL KRAMER AND THE CLIENT OWN SHARES OF SWKS

S&P 500 (SPY) 

Stocks are rising on January 24, with the S&P 500 futures rising futures pointing to a 7 point increase to start the day. In some respects, this may be the day that determines whether we see a meaningful break out higher, or failure at resistance leading to a pullback.

Stocks are essentially flat this week, and today the futures are sitting right at resistance at 3,336. So far, to this point, the futures have been unable to break through resistance.

It is this simple, a push above 3,336 likely gets the market moving higher towards 3,365, while a move below 3,310 pushes the index lower to 3,260.

S&P 500, es

Momentum ETF (MTUM)

I have become obsessed with tracking this Momentum ETF, MTUM. In some regards, I honestly have come to believe that this ETF will determine which way the S&P 500 (SPY) goes. All you have to do is look at the top 25 holdings to know why.

mtum, momentum

Intel (INTC)

Intel has received several positive upgrades today from the sell-side, and the charts show that the next level of resistance comes around $69. Just be careful, the stock is trading off the highs in the pre-market, and yesterday moves in Teradyne, and Texas Instruments should serve as a word of caution. The chart below is of Teradyne and Intel; I lined up so you can see the similarities.

intel, teradyne

SKyworks (SWKS) 

Skyworks also got a bunch of price target increases after its beat and raise quarter, which I expected, given the scheduling change of results. However, shares aren’t moving higher, mainly because I think the market saw the same thing coming that we all saw coming. We will see what happens, it was an excellent quarter, and the guidance was strong. $122 is support for the stock.

skyworks, swks

AMD (AMD)

AMD, no surprise here that the stock is rising after Intel either. Again, I noted a couple of weeks ago; I thought $59 was a possibility. AMD’s Bulls Are Growing Even More Bullish – This is suppose to be a free article

amd

Square (SQ) 

I will be watch Square closely today, as it once again test $70. 

square, sq

Roku (ROKU) 

Keep on an eye Roku today; it is at a make or break point. An increase above those trend lines sends the stock sharply lower, a break below $128, send the shares, well, sharply lower. Typically that pattern suggests it goes lower.

roku, roku

Have a great Friday. 😉

-mike

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.      

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