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STOCKS – FB, NFLX, ADBE, MU
MACRO – SPY, QQQ, FDN
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- Stocks Face Headwinds Into End Of June- Midday
- Options Positioning Appears To Be Driving Volatility – Morning
- For Live Webinar On 6/18
- Trying To Break Free – Midday
- Big Break Set To Happen Today
- Uber May See A Steep Decline
- A Massive Week Lies Ahead For The Stock Market
There was a lot of back and forth today with the S&P 500 not getting enough traction to move in either direction. The day started with some significant price swings, but those swings contracted throughout the day.
S&P 500 (SPY)
The S&P 500 e-minis formed an exciting pattern today, which I noted in the chatroom for subscribers. It appears to be a wedge pattern, which would indicate that a rather significant move in the index may be upon as soon as tomorrow. Overall, there is a downtrend in the S&P 500, and the pattern would indicate to me that the next move in the index will be lower. If it works out the way, I think it can; the index could see a drop to 3000.
It seems like a long shot and may prove to be just that. But there is a wedge pattern that has formed in the e-minis, and it is likely to lead to a rather sizable move tomorrow one way or the other.
NASDAQ 100 (QQQ)
The QQQs have been unable to advance past $245 the last few days, and now the volume is beginning to fall. It would indicate that the ETF is likely to pullback, potentially falling back to $239.
Internet ETF (FDN)
The FDN ETF also appears to be seeing a change in trend, falling out of its uptrend, and an RSI, which is now trading lower.
Micron (MU)
Micron has been drifting and is nearing support at $49.80 and maybe set to decline to around $45.50. The RSI is trending lower, suggesting the stock is losing momentum.
Adobe (ADBE)
Adobe is another one of these software stocks that has run. The channel is nearly perfect. But the stock is now making a bearish divergence, with the RSI falling and the stock price reaching a new high. But until it breaks that lower trend line, the stock will just keep rising.
Netflix (NFLX)
Netflix needs to break out, or the stock really could be in trouble.
Facebook (FB)
Facebook is also diverging, with an RSI trending lower, and the price moving sideways and unable to break out.
Well, that is it, time to get ready for tonight’s webinar.
-Mike
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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.
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