June 25, 2020

STOCKS – BA, WFC, AMZN, DIS

MACRO – SPY,  

Mike Reading The Markets Premium Content – $35/Month or $300/Year

• One Day Hit Or Much More To Come?
• Betting On A 10% Drop In AT&T
• Tough Resistance At 3100 – Morning Commentary
• Nasdaq 100 May See A Sharp Reversal Short-Term
• Betting Indicates Facebook Falls
• The New Week Faces Headwinds – Morning
• Spiking Coronavirus Cases, What It Means – The Week Ahead

S&P 500 (SPY)

S&P 500 futures have been bouncing around, falling sharply, rising sharply, and falling sharply. But the only thing that may matter is that the futures failed again when they reach resistance at 3,050. The piece of good news is that 3,000 held. However, I get the feeling based on how the futures have been trading and failing at 3,050; we may revisit 3000, potentially even later today.

Boeing (BA)

Boeing was downgraded today by Berenberg to a Sell from Hold with a $150 price target. The stock’s next significant level to watch is $166, and then $158.

Amazon (AMZN)

As I noted yesterday in a FREE story, Amazon is its highest price to sales ratio in years, and it seems like the stock is now forming a bearish reversal pattern, a rising wedge, with the potential to fall back to $2100. Free story – Amazon’s Bull Run May Be Near Its End

Disney (DIS)

Disney is moving lower as the company is thinking about the delay the opening of its new move Mulan, and its Disneyland reopening. A decline below $109, pushes shares lower towards $99.

Wells Fargo (WFC)

Wells Fargo is sinking again, and drop below $26 sets up a more significant drop to around $24. 

Have a great day!

-Mike

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