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May 21, 2020
Stocks – AMZN, FB, W, NFLX, AAPL
Macro – SPY, QQQ
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
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- Naz Uptrend Breaks, Midday
- Watch 2 Key Levels – Morning Commentary 5.21.20
- Stocks Rise, But With No Confirmation And Signs Of Fatigue
- Bets Mounting Gilead Drops
S&P 500 (SPY)
Stocks managed to finish the day lower by 81 basis points to close at 2,951. The 2950 level acted as a level of support all day long, and as long as that level holds, all should be ok. However, a drop below 2,910 likely sets up a steeper drop to around 2,860. Again, nothing changes from a perspective of resistance at 3,000.
Nasdaq 100 ETF (QQQ)
As I noted throughout the day, the NASDAQ 100 ETF did show significant signs of weakness with the ETF falling below the recent uptrend, and potentially setting up a steeper drop to around $222, or the lower end of the channel.
Apple (AAPL)
Apple continues to struggle around $320 and inching closer to the uptrend we have been watching. Again the RSI has been showing weakness and suggests that Apple breaks the uptrend and moves lower towards $295 to start.
Amazon (AMZN)
Amazon also broke the uptrend, and the RSI is also suggesting the shares fall, potentially to $2,285.
Facebook (FB)
Facebook quickly hit the $237 target I laid out yesterday, and just as quickly backed down. Who knows where this stock goes, I think it is ridiculous as it is. Perhaps it pulls back to $218.
Netflix (NFLX)
Netflix appears to have broken its uptrend, and with the declining RSI, it likely means a move to $418.
Wayfair (W)
It looks like Wayfair has formed a symmetrical triangle, and that likely means that it continues to decline on its path towards $135.
Anyway, that will be all.
-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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