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)

Amazon (AMZN)

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 (NVDA)

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 (DIS)

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…

-Mike

 

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