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Stocks Will Try On October 1 to Break Above Resistance
The stock market will try to break above a key level of resistance once again on October 1, will it finally happen?

Stocks Will Try On October 1 to Break Above 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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October 1 – Stock mentions: SPY, AAPL, ACAD, AMD, NXPI, SQ

Michael Kramer and the clients of Mott Capital own ACAD, AAPL, NXPI

US Markets

  • S&P 500 Futures +6.25 points
  • US 10-year Yield 1.73%
  • Dollar Index 99.47
  • Oil $54.75
  • VIX 16.31

International Markets

  • Japan +0.59%
  • South Korea +0.45%
  • Shanghai -0.92%
  • Hong Kong +0.53%
  • Germany -0.15%
  • UK -0.39%

MACRO

S&P 500 (SPY)

The S&P 500 is looking to start the day higher, but again, not much has changed since yesterday. Resistance still lives around 2985 for the index. Until the index manages to cross that level, any rally should be considered suspect.

S&P 500, spx

STOCKS

Acadia (ACAD)

Acadia shares are rising after RBC started the stock as a buy with a $60 price target. The stock has come under some pressure recently, but a lot of that is due to the weakness that has been witnessed in the broader sector. A falling wedge has formed in the chart, which would suggest a reversal higher is likely on the way. Premium content: Why Semis And Biotech May Underperform In The Months AheadThe first two weeks are free, and I won’t even ask why you canceled if you do.

acad, acadia

NXP Semi (NXPI)

Keybanc upgraded NXP Semi today to an Overweight from Sector Weight with a $130 price target. For now, $115 is the next significant level of resistance.

NXPI, NXP

Apple (AAPL)

Apple will try to take out its September highs of roughly $226; should that happen it will set up a retest of last year’s highs.

Apple, aapl

AMD (AMD)

AMD hasn’t looked particularly strong, resistance for the stock come at roughly $29.40.

AMD

Square (SQ)

Momentum in Square is turning higher, and the stock is nearing a break out which could send shares higher towards $65.50.

square, sq

Have a great day.

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.