adult male grizzly bear sitting on his rear end reaching for his rear feet

Stocks Drop On March 23 As The Reversal May Now Be Here

Subscribe to receive this FREE daily commentary directly in your email

3/23/22

STOCKS –AMZN, NVDA, ADBE

MACRO – SPY, QQQ,

Mike’s Reading The Markets (RTM) Premium Content – $45/MONTH OR $400/YEAR – The First 2-weeks are FREE to try. 

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!!!

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.

Unlock Deeper Insights with Exclusive Member-Only Video Content on The Market Chronicles YouTube Channel – Just $34.99/Month

Strong JOLTS Report Sends Inflation Expectations Higher

December 3, 2024 1:24 PM

Low Realized Vol Has Trapped The Stock Market

December 2, 2024 2:00 PM

Adobe (ADBE) 

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. 

Good luck.

Mike

Mott Capital Management, LLC is a registered investment adviser in the State of New York. 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. Please remember that past performance may not be indicative of future results. 

Add your email to The Market Chronicles' growing list of daily readers. A FREE market commentary on the trading day's most critical and least apparent events!

Add your email to The Market Chronicles' growing list of daily readers. A FREE market commentary on the trading day's most critical and least apparent events!