Stocks Will Try To Bounce Back on April 24
Stocks are trying to rebound on April 24 after a choppy and wild session the previous day, but the trends may have already turned.

Stocks Will Try To Bounce Back on April 24

APRIL 24, 2020

STOCKS – GOOGL, INTC, SQ BAC

MACRO – SPY

MICHAEL KRAMER OWNS IWM PUTS

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN GOOGL

S&P 500 (SPY) 

Stocks are rising some this morning, by around 35 basis points on the SPY ETF.  Again, there is a downtrend that has formed across the indexes, and one should think about the next move lower for stock prices. There is even the potential that the S&P 500 to $263 on the ETF. 

S&P 500 spy

Intel (INTC)

Intel is down this morning after reporting results last night. The stock right now is clinging to support around $56. A drop below that $56 price could lead to sharper decline, perhaps to approximately to $50.25. 

Intel, intc

Square (SQ)

Square has been hanging around the $60, and I still think there’s a chance the stock climbs back to around $68. 

square, sq

Bank of America (BAC)

Yesterday I saw some bearish betting taking place in Bank of America, and I still think it falls to around $19.50.

bank of america, bac

Alphabet (GOOGL)

Alphabet bet has now failed a couple of times around $1290, watch for a pullback to $1200. 

Alphabet, googl

Have a good one

-Mike

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