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.
Otherwise, enjoy the column!
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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
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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
Mott Capital Management, LLC 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.