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September 24, 2020
STOCKS –
Macro – SPY, QQQ
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- Stock Rally Not Likely To Last
- Stocks Are Dropping Again, Watch Credit Spreads – Morning
- Stocks Fail, 2,860 Still In Play
- Stocks Failing At Tough Resistance Levels
- Stock Mount Weak Rally, Watch For Afternoon Fade- Midday
- Dead Cat Bounce – Morning
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It wasn’t the most incredible day for bulls, but it could have worse, as the indexes went up. The S&P 500 increased by 30 bps to finish the day at 3,250. Meanwhile, the Qs finished the day higher by approximately 50 bps.
NASDAQ 100 (QQQ)
The Qs are firmly entrenched in the trading channel lower, retracing about 2/3 of yesterday’s steep decline. From a bull perspective, this was a pretty weak rally, finishing well off the highs of the day. I still think we are heading to the bottom of the trading channel, which is somewhere around $253, as the next stop.
At this point, the RSI is not even suggesting a reversal is in play, so I think we continue to see lower prices.
S&P 500 (SPY)
The S&P 500 did manage to form a lower low today, and a lower higher. The index bounced right off the lower trendline of the trading channel. A push higher towards 3,300 tomorrow seems possible, but that should be all that we get.
Anyway, that’s all for today. Need to take a break
Mike
The NASDAQ 100 Analogy
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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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