Home » Stocks Are Setting Up To Challenge Key Resistance Levels on October 24

Stocks Are Setting Up To Challenge Key Resistance Levels on October 24
Stocks are set to rise on October 24 and challenge levels of resistance on the S&P 500 at 3014 and the potential for an all-time high.

Stocks Are Setting Up To Challenge Key Resistance Levels on October 24

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.

Otherwise, enjoy the column!

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OCTOBER 24

STOCK MENTIONS: TSLA, MSFT, NFLX, MU, INTC

MACRO MENTIONS: SPY, EWG

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN MSFT, NFLX, AND TSLA

US Markets

  • S&P 500 Futures +2.5 points
  • US 10-Year 1.76%
  • Dollar Index 97.50
  • VIX 13.86
  • Oil $55.58

International Markets

  • Japan +0.55%
  • KOSPI +0.24%
  • Shanghai -0.02%
  • HSI +0.87%
  • DAX +0.47%
  • UK +0.79%

My Reading the Market Premium Content found on SA Marketplace:

MACRO

The ECB is meeting today, Draghi’s final showing. The ECB is not expected to make any changes.

Germany (EWG)

The German DAX index is challenging resistance today, around 12,860. A rise above resistance could send the index back to an all-time high. Interesting to note for a country teetering on recession. This morning Flash PMI came in at 48.6 versus estimates of 48.7.

S&P 500 (SPY)

The S&P 500 futures are pointing to a higher opening, but still, none of that matters as long as resistance remains at 3,014. That is the only level that is standing in the way of the index and a new record high.  Again, I continue to believe that this market is moving higher, and the more work I do, the convinced I grow that the market is heading higher to new all-time highs. Premium video content on The Reading The Markets SA Market Place- More Signs Suggesting Equity Markets Are Near A Break Out

tesla, tsla

STOCKS

Tesla (TSLA)

Tesla is rising today and trading around resistance at $300. Watch for this region to act as support/resistance as the bulls and bears battle this out. Although it would seem the bears are not having a good day.

tesla, tsla

Microsoft (MSFT)

Microsoft is also rising this morning after reporting better than expected results and some positive commentary out of the sell-side. Still, the stock needs to get through $142 before we can think about anything higher. However, I do believe the stock will continue to rise and push through that resistance zone.

microsoft, msft

Micron (MU)

Micron continues its trend higher, and it appears as if the stock is getting ready to make a move towards $48.75.

Micron, mu

Intel (INTC)

Intel will report results today, and I still think the stock is likely to push towards $56.

Intel, intc

Netflix (NFLX)

Netflix continues to hold support around the $270 price while holding the uptrend. Again, I continue to believe the stock is heading higher back to $285 and likely higher.

netflix, nflx

Have a good one!
-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.