Home ยป Stocks Will Try To Rebound On September 24 But May Prove To Be Unsuccessful

Stocks Will Try To Rebound On September 24 But May Prove To Be Unsuccessful
Stock are mounting a feeble effort to rebound on September 24.

Stocks Will Try To Rebound On September 24 But May Prove To Be Unsuccessful

Subscribe to The Free Market Chronicle and join the 2,722 subscribers getting it for FREE!

September 24, 2020

STOCKS โ€“ BA, AAPL, DOCU

Macro โ€“ SPY, DIA

Mikeโ€™s Reading The Markets (RTM) Premium Content โ€“ NOW WITH A 2 WEEK FREE TRIALย 

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL

Stocks are mixed this morning, with the S&P 500 up 25bps, and the Qs down 7bps. The mixed session follows a brutal session in Asia, which saw Hong Kong fall 1.8%, a 2.6% decline in South Korea, and a 1.1% drop in Japan.ย Europe is fairing better with Germany up 10bps and the UK down 30bps.ย 

Live Webcast With Q&A โ€“ September 24, 9 PM ET โ€“ SIGN UP FOR READING THE MARKETS TO PARTICIPATE โ€“ 1st 2-WEEKS ARE FREE TO TRY!

S&P 500 (SPY)

At least for now, the futures are finding some stability around the 3,210 level and have since bounced some to around 3,233. It seems that for now, the S&P 500 futures are at the lower end of the trading channel, and if we do see a bounce today, I wouldn’t expect to get past 3,295. I drop below 3,200 on the S&P 500 futures, likely triggers a very steep and sharp decline to 3,000.ย 

Dow Joes (DIA)

I know we don’t usually focus on the Dow, but it looks like there is a head and shoulders pattern on the daily chart that has been completed and is now breaking down. A break of support at 26,200 likely triggers a drop to 25,000, a decline of 7% from its current price.ย 

Apple (AAPL)

Apple is trading a little bit lower today, with a drop below $106, likely trigger a retest of the lows around $104. But the big problem comes if the stock breaks $104 because that will open the flood gates to $96.ย 

DocuSign (DOCU)

Docusign retested the breaking of the uptrend and failed. It confirms the move higher is over, and that a drop to $160 is likely in the works.ย 

Boeing (BA)

Boeing fell below support at $157, which probably leads to that decline to $144 I have looked for.

Good luck today

Mike

Mott Capital Management, LLCย is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.