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MAY 14, 2020
STOCKS – F, T, GE
MACRO – SPY, EWY, SX5E
Short-Terms – Bearish
Long-Term Trends – Bearish
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- Live Webcast On MAY 14 @9 PM ET
- Thoughts On The Fed Buying Corporate Bond ETFs
- S&P 500 Stuck In Gamma Zone – Midday
- LARGE SELL-PROGAM MOVED EOD
- The Decline In Bank Stocks May Only Be Starting
- Sorry Not To Be Doom And Gloom, But.
- 2500 Is Becoming Very Possible
S&P 500 (SPY)
The S&P 500 futures are down about 25 bps and have stayed below that 2,825 level all night. Does that mean something? It may. Yesterday There was approximately $1.3 billion to buy on the closing cross, and stocks lifted in those final 10 minutes. As the index moved higher, it was when the S&P 500 reached around 2820, the imbalance paired off. It tells me that at 2820 level and higher for now are where the sellers are living. So the fact that the futures traded below 2825 level all night is interesting and noteworthy.
An increase above 2825 can probably push the index higher towards 2860. A drop below 2,800 sets up a move to 2730.
Stoxx 50
It surely is not looking good in Europe with the Euro Stoxx 50, with what appears to be a completed head and shoulder pattern. If that is the case, then a drop to 2630 may only the start.
S&P 500 Stocks Above Their 50-Day
The number of stock in the S&P 500 above their 50 day-moving average is right back to where they were in February. Really, even a head and shoulders pattern here, but in the RSI. What gives?
South Korea (EWY)
Meanwhile, the KOSPI RSI is now rolling over too.
Ford (F)
Keep an eye on Ford, the stock is breaking its mini-uptrend, and it looks awfully like a bear flag.
GE (GE)
GE is also falling out of its descending triangle.
AT&T (T)
AT&T is also breaking down and has some support at $27.35.
Anyway, that’s all I got. Don’t initial jobless claims at 8:30 AM. That should be interesting.
-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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