Subscribe to receive this FREE daily commentary directly in your email
STOCKS – FB, NFLX, SQ, ROKU
MACRO – SPY, QQQ
Mike Reading The Markets Premium Content – $35/Month or $300/Year
- Stock Testing Big Resistance Levels – Midday
- Betting Indicates Facebook Falls
- The New Week Faces Headwinds – Morning
- Spiking Coronavirus Cases, What It Means – The Week Ahead
- Stocks Face Volatile End Of Day
- Expect A Lot Of Vol Today – Morning
- Webinar Replay Link For 6.18.20
S&P 500 (SPY)
Stocks finished the day higher, coming back from a move lower in the S&P 500 futures. It was a strange day, because, for some reason, there remains a stiff level of resistance around the 3,115 level in the S&P 500. It has been that way for several days now. I’m not sure what to make of it at this point. It suggests if anything, a tight trading range is forming for the moment, between 3050 and 3150. it wouldn’t be the worst thing in the world to have some sideways consolidation. It would certainly be better than a steep pullback, and better than the markets continuing to get overextended.
NASDAQ 100 (QQQ)
The Qs reached Friday’s highs, and that is where they stopped rising. For the moment, there is nothing new here. It is going to become very important for the Qs to make a new high in the next few days to keep the bullish momentum going. The Qs continue to remain in a very well defined trading channel.
From another viewpoint, you can see the Qs are still on the lower side of the rising wedge pattern I noted two weeks ago. At this point, I think it doesn’t mean much of anything from a bullish or bearish standpoint. Volume levels continue to dry up, which could be an indication the number of buyers is thinning out.
Facebook (FB)
Today I saw some more bearish betting on Facebook. It would mark the second time I have seen such bets in the past week. I noted that activity in a post to paying subscribers this morning. Premium content – Stock Testing Big Resistance Levels – Midday
Netflix (NFLX)
Netflix finally broke out, which was desperately needed. It means the stock can avoid that head and shoulders pattern I was fearful was forming.
Square (SQ)
Square jumped today after getting a price target boost at Barclays to $115 from $90. I still tend to think this one pulls back to $91, but then again, I was wrong as of today.
Roku (ROKU)
Roku failed today at $135, and that is a significant level of resistance it will need to penetrate for that run to $150 I was looking for based on that reverse head and shoulders pattern.
ok, that is it!
-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.
Subscribe to receive this FREE daily commentary directly in your email
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.
Treasury Yields And Equity Indices Are Poised For A Big Move
Mott Capital's Market Chronicles 16 hours ago