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STOCKS: NVDA, AMD,INTC, AAPL
MACRO: SPY, EWY
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
ADP Job Report at 8:15 AM
ISM Non-Manufacturing 10 AM
Reading the Markets Premium content from March 3:
- Morning Commentary 3.3.20
- FED RATE CUT UPDATE
- Midday – More On Rate Cut – Appeasement
- Thinking About The Market Post Surprise Cut
Join me and the members of Reading The Markets on March 5 at 9 PM ET for an exclusive webinar. It is live, and I will be reviewing as much I can about the current state of the market, and will have a live Q&A session. But you have to sign-up to get on the webcast. Premium content – The Revenge Of The Bears Webinar March 5, 9 PM ET
S&P 500 (SPY)
S&P 500 futures are pointing to a higher opening on March 4, and at least for now avoiding those declines I was fearing last night. The Futures have been moving higher after holding support around 2980 overnight. Premium content – Thinking About The Market Post Surprise Cut
Perhaps the market is rising due to the Super Tuesday results, or maybe the market is merely following the South Korea index higher. The KOSPI has mounted a very nice rebound and finds itself at an inflection point, one that could lead to further gains, or a reversal.
The KOSPI finished the day right at resistance at 2061 and back in that former support region, which is now a resistance region. I would consider this market as the most accurate of the Asian markets to track, given how hard the coronavirus has hit them, and its importance as an exporter.
The question, of course, is if we will hold the gains on the S&P 500. It is a good question, as we know, there is a tendency to see those gains fade and to fill the opening gap.
AMD managed to hold on to support yesterday at $46.80, and today is testing resistance around $48.50.
Intel has been trending higher the last couple of days with the next level of resistance at $59.75.
Apple is rising some today but still faces resistance up at $301.
Good luck today
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