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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.
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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
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Charts used with the permission of Bloomberg Finance L.P. 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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