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3/23/22
STOCKS –AMZN, NVDA, ADBE
MACRO – SPY, QQQ,
PRICES WILL BE RISING TO $65/MONTH OR $520 ON MARCH 31; START YOUR FREE TRIAL NOW TO LOCK IN THE LOWER RATES. CURRENT MEMBERS UNAFFECTED!!!
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Well, stocks fell today, with the S&P 500 finishing lower by 1.2%. The index opened lower by gapping below the trend line I noted in last night’s write-up. The index tried to rally off the lows, midday, but by day’s end, after a five-day break, the sellers finally decided to wake up and go back to work.
The fact that the index gapped below the trend line and then finished the day below yesterday’s opening isn’t a positive sign and should lead to lower prices in the days to come. The next level of support I am looking for is at 4,440. If that level breaks, we could easily slip back into the 4,200s.
Nasdaq (QQQ)
The Qs also broke their uptrend today, and for now, I am looking for a drop back to $348.
Amazon (AMZN)
Amazon tried and failed to get above $3,310 resistance. That makes two days in a row of failure, making tomorrow critical for this one.
Nvidia (NVDA)
The green pastures that laid head for Nvidia, if it got above resistance at $268, dried up and turned brown today. The stock failed for the second day in a row to get above resistance, despite seemingly plenty of positive news and hype around their investor day. It doesn’t speak well for what’s to come here.
Adobe (ADBE)Â
Adobe fell 9% today after giving weaker than expected guidance last night on its conference call. Overall, the stock has been a leading indicator for this market, and now it is trading about $10 above critical support at $415. If that support breaks at $415, I fear it sends it to $385.Â
Good luck.
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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