Stocks Rebound on September 30 But Still Fail To Get Over Critical Resistance
Stocks had an underwhelming day on September 30 with the S&P 500 failing at an essential level of technical resistance once again.

Stocks Rebound on September 30 But Still Fail To Get Over Resistance

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

Otherwise, enjoy the column!

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September 30 – Stock mentions: SPY, QQQ, AAPL, NFLX, INTC, CSCO, SHOP

Michael Kramer and the clients of Mott Capital own AAPL, NFLX, CSCO


Premium Content from September 30:

Why Semis And Biotech May Underperform In The Months Ahead

Stocks Nearing Break Out


S&P 500 (SPY)

Stocks didn’t have a particularly great day with the S&P 500 finishing the day higher by about 50 bps. The index did manage to rise above resistance at 2975 and the downtrend. However, it failed once again as it approached resistance at 2985. Not the greatest of signs for the market going forward.

S&P 500, spx


The NASDAQ is still in a clear downtrend, and that doesn’t send a comforting message about the S&P 500’s rise above the downtrend.

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We will have to see what happens next. Maybe I’m just tired today; my daughter wasn’t feeling well last night and kept me half the night.


Apple (AAPL)

Apple did have a good day today and broke out after some positive comments from JPMorgan. I was playing a game of chance when I wrote my commentary this weekend. I recognized there was the chance of a breakout, but I was betting the pattern in the chart was a descending triangle. I got it wrong. The stock still has to get over $226 before we can get all excited.

It’s hard to believe that if we can get over $230ish, we have a shot of reaching the $265 price I noted on December 30, 2018: Prediction #3 – Apple is The Comeback Stock of 2019 and Rises 70%

Apple, aapl

Netflix (NFLX)

Netflix is still battling to recoup some of its losses and pushing above $268 gives us a shot of cracking $273.

netflix, nflx

Intel (INTC)

Intel is starting to look a little better, and $53.60 maybe once again in sight.

intel, intc

Cisco (CSCO)

Cisco is coming to a pretty big moment in time, and I think the stock rises towards $51. You can see the uptrend and downtrend in the RSI are converging.

cisco, csco

Shopify (SHOP)

Shopify continues to bang up against resistance in the $315 to 316 region. Not a good sign for Shop, be careful here.

Shopify, Shop

Have a good night!


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