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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