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 18, 2020
STOCKS – AMZN, AAPL, NVDA, CRM
Macro – SPY, QQQ,
- Live Webcast September 24 9PM ET
- 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 AAPL
Stocks didn’t have the greatest finish to the week, with the S&P 500 falling by around 1% while the NASDAQ 100 fell by 1.3%. At this point, the concern should be building that this decline is more than just a mild pullback, as the S&P 500 broke the 50-day moving average today. It is the same moving average we focused on yesterday.
S&P 500 (SPY)
The level at 3,330 was vital because it acted as a healthy level of resistance when the index was rising, and that level, which became support, has now broken. It shall likely act as strong resistance once again.
NASDAQ 100 (QQQ)
Meanwhile, the Qs went on to make a new low, at around $262.
Amazon fell again today, and I fear this one is not finished fall yet. The only thing standing in its way and 2,800 is 2,950. Once 2950 goes, it is on to 2,800. The bigger problem is that 2,800 may not be the bottom. The stock hasn’t even reached oversold levels yet. (Premium content from August 26 – An Amazon Drop May Be Coming)
Apple also fell today, below $109, and that is likely bad news for the stock, as I continue to believe this one is heading to $96. (Premium Content – Apple’s Stock Declines May Only Be Starting)
Salesforce is hanging on by a thread from falling to around $219. (Premium content – Salesforce Has A Big Gap Lower To Fill)
Nvidia is on the cusp of a significant breakdown if that uptrend goes, with $427 potentially on the way. (Premium content – Nvidia May Drop 15% More)
That’s going to be all for a Friday; see you over the weekend!
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.