Stocks Rise, But Momentum Is Fading

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.

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April 24, 2020

Stocks – AMZN, NFLX, BABA

Macro – SPY

Stocks advance on April 24, rising by around 1.3% to finish the week flat. We managed to recoup the significant losses from the beginning of the week, waiting for what’s to come next week, which will be substantial in terms of earnings. 

Overall, the RSI has now once again started trending lower despite the rally today in the equity market. Meanwhile, the advance/decline line has also flattened out. These two indicators may very well be suggesting that the S&P 500 is losing significant amounts of momentum. Additionally, volume levels are starting to drop; a sign buyers may bee thinning out.

S&P 500, spx

Amazon (AMZN)

Amazon has been trading sideways, and I’m wondering if it is forming an ascending triangle.

amazon

The RSI in Netflix has flipped from bullish to bearish. 

Alibaba (BABA)

The uptrend in Alibaba is broken now, and if $201 breaks, $188 would be next. 

baba, alibaba

Have a good Friday

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.  

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