Stocks Will Try To Rebound on September 30, But It Isn't Looking Good

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September 30 -Stock mentions: SPY, EWY, EWG, EWH, JD, BABA, SHOP, MSFT, TWTR

Michael Kramer and the clients of Mott Capital own MSFT

US Markets

S&P 500 Futures +9 points
US 10-Year 1.7%
VIX 17.01
Oil $55.81
Dollar Index 99.22

International Markets

Shanghai -0.92%
HSI +0.53%
KOSPI +0.64%
Nikkei -0.56%
Germany – 0%
UK -0.23%

MACRO

South Korea (KOSPI)

The Kospi has been pulling back in recent days after failing at resistance at 2,107.

Hong Kong (EWH)

Hong Kong has given back nearly all of its early September gains.

Germany (EWG)

Germany is also now trending lower.

S&P 500 (SPY)

S&P futures are pointing to a slightly higher opening for the S&P 500 by roughly 30 basis points. For now, the index will face some resistance at 2975. That is where the index will run into a level of resistance and a downtrend. It will be an important level to watch. A break out starts the next move higher; a failure sends the index lower towards 2935. Premium content, get the first two weeks free – What You Need To Watch For The Week Of Sept 30

It also appears that the number of stock above their 50-day moving average still has some further to fall.

STOCKS

JD (JD)

JD.com is bouncing some this morning off of support at $27.50, but this stock is beholden to headline risk, and that makes reading the charts nearly impossible. Resistance comes at $29.35.

Alibaba (BABA)

Alibaba is in the same mess, with support at $166.50 and resistance at $179.75.

Twitter (TWTR)

Twitter has broken the uptrend and support at $43, a drop below $40.35 sets up a steeper decline to $36.50.

Shopify (SHOP)

Shopify needs to get above $315 to avoid a retest of support at $285.

Microsoft (MSFT)

Microsoft continues to trend higher, but it is also struggling to rise above $142. Watch for the trend higher to continue in the days and weeks ahead, with an eventual break out above $142.

Have a great day!

-Mike

Michael Kramer publishes independent macro and options research read across 10+ platforms and by institutional desks. For research syndication, licensing, or consulting inquiries, visit michaeljkramer.com.

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Stocks Will Try To Rebound on September 30, But It Isn’t Looking Good