Stocks Will Try To Rally on September 24 Avoiding Fatal Double Top
Stocks will try to rally on September 24, and if the S&P 500 can manage to rise above 2,930, it says a new high and removes the double top.

Stocks Will Try To Rally on September 24 Avoiding Fatal Double Top

September 24 – Stock mentions: SPY, NFLX, BB, AAPL, GOOGL, SNAP

Michael Kramer and the clients of Mott Capital own NFLX, AAPL, GOOGL

US Markets

  • S&P 500 +9 points
  • 10-Year 1.69%
  • Dollar Index 98.53
  • VIX 14.6
  • Oil $58.00

International Markets

  • Japan +0.09%
  • Shanghai +0.28%
  • KOSPI +0.45%
  • Hong Kong +0.22%
  • Germany +0.03%
  • UK -0.36%

MACRO

S&P 500 (SPY)

The S&P 500 futures are pointing to a higher opening today on headlines that trade talks will resume in two weeks.  For now, the trend in the market is lower and will need to get above 3030 to break that trend and to avoid the potential double top pattern that may be forming.

S&P 500, spx

STOCK

SNAP (SNAP)

SNAP is trading higher today after Guggenheim upgraded the stock to buy from neutral. The next significant level of resistance comes around $18.50.

snap

Blackberry (BB)

Blackberry could never get beyond the downtrend, and the stock now is moving sharply lower following dissappointing results. The stock needs to stay above $6.70 to aviod an even further decline to $5.80.

blackberry, bb

Apple (AAPL)

Apple is rising after Jefferies upgraded the stock to buy from hold. Resistance for the stock is around $222.50.

apple, aapl

Netflix (NFLX)

Netflix had its price target slashed at Pivotal research to $350 from $515. The stock needs to bounce off this uptrend to avoid a decline to the December lows.

netflix, nflx

Alphabet (GOOGL)

Alphabet saw its price target increased by RBC, with the price target going to $1,500 from $1,425. The stock continues to work its way higher towards $1,270.

alphabet, googl

-Mike

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