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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July 27, 2020
Stocks – DIS, AMZN, NVDA, NXPI
Macro – SPY, QQQ
Mike’s Reading The Markets (RTM) Premium Content – $35/Month or $300/Year
- Recent Move Lower Likely To Continue- Midday
- S&P 500 Put Buyers + Dollar’s Gloomy Message
- Big Option Bet Suggest Market Has Seen Its Highs – Morning
- It’s All About The Risk-On Trade – The Look At The Week Ahead
- EPS Trends May Be Stabilizing, Positive For Long-Term View On Stocks
- How Low Can Markets Go If The Uptrends Break
- Trends Suggest Lower Prices Lie Ahead – Midday
Stocks rose on Monday. It was rather dull, as not much changed today from last week. The significant level that matters most in the QQQ is the $262 level. That is likely to act as strong resistance, and where the ETF is likely to stop rising if the trend has changed from bullish to bearish.
S&P 500 (SPY)
Additionally, there was some bearish betting in the S&P 500 I reviewed today in a video. The index is hanging around resistance at 3,235, with the next region of resistance up at 3,275. (Mike’s RTM Premium Content – S&P 500 Put Buyers + Dollar’s Gloomy Message)
Not the best sign that Amazon tried to get over resistance today and failed. We will see what happens tomorrow. The company reports results Thursday. I still tend to think this one moves back to 2800. I haven’t seen much to change my mind.
Nvidia was up today but continues to hold that downtrend we have monitored the last few days, and I have yet to see any changes to option betting. It continues to indicate to me we see more downside. (Mike RTM premium content from 7.13 – Bearish Betting Persist For NVIDIA)
NXP Semi (NXPI)
NXP Semi is trading lower after reporting revenue that missed estimates, and inline guidance. For now, the stock is holding support at $115. The next level doesn’t come until the $107- $108 region.
Disney is sitting on its uptrend, and a break of that trend line sends shares lower to $109. Frankly, it is hard to believe this one isn’t lower already.
That’s all. More tomorrow, I guess…
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