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.
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October 7, 2020
STOCKS – AMZN, NFLX, JPM, FCX
Macro – SPY
- Biden’s Lead Over Trump May Not Be As Big As It Seems
- Stocks Come Close To Breaking, But Not Yet
- Stocks Will Test Resistance
- How To Find Technical Trends And Levels
- APPLE’S STOCK FACES FURTHER LOSSES BASED ON OPTIONS BETTING
Stocks are rebounding some this morning with the S&P 500 ETF up 70 bps, and the Qs up 50 bps, after President Trump said he would sign standalone bills for stimulus. This all seems like a game so that each side can blame each other. I sincerely doubt anything gets done before the election.
S&P 500 (SPY)
When we can see when looking a bit closer at the charts that the S&P 500 futures are struggling around the uptrend, we fell below it late in yesterday’s trading session. Perhaps a quick recovery can invalidate yesterday’s late move lower.
I am still very much of the mindset that prices have further to fall from here, but we can see how today goes; the one thing you do not want to see as a bull is the index’s inability to hold that uptrend.
Amazon got a big price target boost from Benchmark to $3,800 from $3,675. The stock has been stuck in this $3,100 to $3,200 since the middle of September. I still think this one that is going lower, back towards $2,800.
Netflix had its price target raised to $650 at Pivotal Research fro $600. That is a new street high price target too. There is a downtrend that has formed in Netflix, with a potential descending triangle. The big test won’t happen until the stock gets back to $525.
JPMorgan has caught a bid in recent days as yields have increased, but to this point, it has been unable to retake the uptrend it broke below in mid-September. The stock likely struggles until it can break above what appears to be tough resistance around $105.
Freeport may struggle to advance, especially if the dollar continues to strengthen. The big make or break level remains at $14.90.
Have a good day.
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