Stock mentions: ROKU, ACAD, TSLA, NVDA, PYPL
Macro mentions: SPY, QQQ
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN ACAD AND TSLA
S&P 500 (SPY)
Dull day with the S&P 500 falling by around 20 basis points to 3,087. The path of the market still seems to be on track to make a push to 3,110 in the short-term, and 3,150 by year-end. When looking at from the standpoint of the weakness of the foreign markets overnight, the resilience of the equity market in the US, with the bond market closed, it seems even more impressive. It “feels” as if there is a solid bid to the market currently.
The Nasdaq looks as if it may see a pop higher tomorrow. There is a rising triangle in the index, and it would suggest that the index continues higher, potentially breaking out tomorrow.
Roku jumped today, in what appears to be a mild rebound from last week’s sell-off and is working towards filling the gap at $135. I’d think once it goes back to $135, it will just move lower again, back to $100.
Acadia had a good day. We are still waiting for trial results from its negative symptoms in Schozpherinia. For whatever reason, the stock broke out today to a new 52-week high. The next level of resistance comes around $48. I talk about this in great detail today in the mid-day update – premium content –3 Stocks Rising In A Down Tape
Tesla had a good day rising to resistance at $347, allowing the stock to fill a gap. The stock seems overbought here based on the RSI, and perhaps it is due for a minor pullback to around $330.
I noted today in a free article; I thought Nvidia could be set to decline following results, based on some bearish betting and the chart. – Bears Betting Nvidia’s Stock Plunges Following Results
PayPal had a good day, rising above resistance at $101.50. I noted on Friday in a premium Reading The Markets article I thought the stock could rise to around $105.15 based on some bullish option betting. Premium content – PayPal Stock May See A Rebound
Have a good evening!
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