MAY 5, 2020
STOCKS – AAPL, AMZN, CAT, BA
MACRO – SPY, QQQ, TLT
Michael Kramer and the Clients of Mott Capital own AAPL
Mike’s premium content –
- Waiting On Data- Midday
- Stocks Falling With Significant Risk – Morning Commentary
- Volatility May Be High With Significant Downside Risk Starting This Week
- Many Signs Point To Lower Equity Prices
Stocks are rising today, with the SPY up about 70 basis points, building on yesterday’s late-day surge. But today is going to be a big day when it comes to economic data, with the service PMI data at 9:45 and the ISM non-manufacturing report.
S&P 500 (SPY)
We can see that the S&P 500 futures, for now, are trending higher and trying to recoup some of the loss from late last week, but again the long-term uptrend is broken, and 2,900 is the big resistance level, and 2,800 the significant support level.
Nasdaq 100 (QQQ)
The Q’s are approaching resistance, which is the uptrend up for the March lows.
I will continue to be watching the 10-year yield, and its potential for a move lower towards 0%. A drop in the 10-year would not be a good sign for the bank stocks.
Apple appears to have an ascending triangle, with the next level of resistance around $305.
Meanwhile, support for CAT must hold at $107 to avoid a drop to $91.
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