MAY 6, 2020
STOCKS – GE, BA, F, NVDA
MACRO- SPY, QQQ,
MIKE READING THE MARKETS PREMIUM CONTENT –
Stocks are pointing to a higher opening on May 6, ahead of the ADP private payroll report. Estimates are showing 20 million people lost their jobs in April. So we will wait to see what the damage was and then look forward to the initial claims on Thursday, and the BLS job report on Friday.
Still, you are seeing S&P 500 Futures and the SPY ETF rising this morning ahead of this employment report, up about about 50 basis points. For the $288.50 remains a level of resistance, and I will be curious to see if this little rally today can last.
At this point, the Q’s are also rising but not advancing beyond yesterday’s highs, at least not yet.
Boeing is getting closer and closer to completing that descending triangle and a drop to $102.
The technical pattern in Ford doesn’t look particularly attractive. I’m not sure if you are want to call it a falling bear pennant or not, but I’d careful and watch for a further decline.
Nvidia has stopped rising now around $300 four times. This is a significant level to watch for Nvidia, with a break out send shares sharply higher, or of course the opposite, which sends the stock sharply lower.
GE has a scary chart with a descending triangle forming, which suggests the stock falls back to the lows around $5.50.
Have a good one
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.