Stocks May Be Setting Up For A Big Turnaround Tuesday
Stocks fell slightly on November 11, but Tuesday could be a big turnaround day based on the technical charts.

Stocks May Be Setting Up For A Big Turnaround Tuesday

November 11

Stock mentions: ROKU, ACAD, TSLA, NVDA, PYPL

Macro mentions: SPY, QQQ

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN ACAD AND TSLA

MACRO

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.

S&P 500, spy

NASDAQ (QQQ)

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.

nasdaq, ixic

STOCKS

Roku (ROKU)

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.

roku

Acadia (ACAD)

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

acadia, acad

Tesla (TSLA)

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.

tesla, tsla

Nvidia (NVDA)

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

nvda, nvidia

PayPal (PYPL)

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

paypal, pypl

Have a good evening!

-Mike

Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.