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October 5, 2020
STOCKS – DOCU, T, SBUX
Macro – SPY, QQQ
Mike’s Reading The Markets (RTM) Premium Content – NOW WITH A 2 WEEK FREE TRIAL
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Stocks are rebounding some this morning, with the S&P 500 futures up about 80 bps and the Nasdaq QQQ up 1%. not quite the Miracle Monday type of price action we are used too but up none the less.
S&P 500 (SPY)
The S&P 500 looks a little iffy, and this may turn out to be one of those rare Mondays that doesn’t result in the market finishing higher. The futures appear to be forming a potential head and shoulders pattern on the intraday chart. But we need a break of 3,300 to confirm that bearish intraday pattern. Should that break of support happen, the index is likely to drop towards 3,200.
Daily written analysis, trend identification, market activity reports, and full video access. Recent Analysis
NASDAQ 100 (QQQ)
We can see that a similar pattern has formed a similar intraday pattern on the NASDAQ 100 futures as well.
DocuSign (DOCU)
DocuSign was upgraded today to overweight from equal weight with a $260 price target at Morgan Stanley. The stock has struggled recently to get out of this $220 to $230 region. Also, the shares appear to have some overhead resistance at an uptrend. A failure to advance beyond $235 likely indicates that the stock is heading lower from here, not higher.
AT&T (T)
KeyBanc downgraded AT&T to Underweight from Sector Weight and a $25 price target. The stock has been slowly grinding lower towards support around $27.35.
Starbucks (SBUX)
Opco boosted its price target on Starbucks to $101 from $85 and kept its outperform rating. The stock has been stuck around $85 to $90 for some time. A failure to advance beyond $90 is likely to lead to a drop to approximately $78.50.
Have a great day!
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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