Stocks Finish Slightly Higher But Are Still On The Cusp
It was a very dull for stocks on July 17, with the market trading up just slightly.

Stocks Finish Slightly Higher But Are Still On The Cusp

July 17, 2020

STOCKS – NFLX, FB, AAPL, MSFT

MACRO – SPY

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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN MSFT AND AAPL

Stocks had a dull day, with the Qs rising by 12 bps, and the S&P 500 increasing by almost 30 bps. The market tried to rally into the end of the day, but the buyers vanished into the close. 

The VIX was slammed today; I’m not sure if it was because of options expiration and open puts rolling off or what. But the way the VIX fell, you have thought the S&P 500 was up a lot today. But it wasn’t.  It was at its lowest level since the beginning of June. 

The good news for the bulls is that copper continues to hold the uptrend, and that is very important for the risk-on trade. 

For now, it looks like Netflix failed at resistance around $495. I still think that this stock is going lower, with the next stop at $475.

Apple needs to be on watch next week as the stock quickly approaches its uptrend. 

Microsoft already broke one of its uptrends, as part of the bearish bump and run pattern. The next level to watch comes at $198. 

It looks likes Facebook will be going nowhere anytime soon. The RSI is just declining, and that means either the stock goes sideways or down. But the run-up for now is likely finished. 

Have a good one. 

-Mike

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