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May 24, 2021
STOCKS – AMZN, AAPL, NVDA, TSLA,
MACRO – QQQ, ARKK
Mike’s Reading The Markets (RTM) Premium Content – FREE 2-WEEK TRIAL
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MICHAEL KRAMER AND CLIENTS OF MOTT CAPITAL OWN TSLA, AAPL, MSFT
Stocks finished the day, mostly higher driven by the top 5 or 6 stocks in the S&P 500. The problem here is that these stocks haven’t done anything for a while and are at their own important resistance levels. So either Amazon, Apple, Nvidia, Microsoft, et al., will need to break out of their resistance zones, or new leadership will need to emerge tomorrow, which is certainly possible.
NASDAQ (QQQ)
The QQQ is trying to fill its own gaps, which is currently around $334. We got pretty close today, perhaps close enough to consider the gap filled. I don’t see any more gaps that need to be filled on the upside, but there are plenty of gaps that need to be filled at lower prices. It would not be surprising to see the Qs drop back to $322 over the next few days, no. That is why I do generally not believe in today’s rally.
Technology (XLK)
The gap on the XLK did close completely today and sold off promptly thereafter.
Amazon (AMZN)
Amazon is the best example of this as the stock has struggled the past few days at the $3,250 price.
Apple (AAPL)
Apple also struggled at resistance today around $128.
Tesla (TSLA)
Tesla managed to fill a gap around $616, and then it turned around after hitting that resistance level.
Nvidia (NVDA)
Nvidia roses all the way back to the upper end of its trading range and hit resistance as well.
ARKK ETF (ARKK)
Even the ARKK ETF today hit resistance at $109 and failed to push through.
This seems to indicate that there just weren’t enough buyers in the market to get through the wall of sellers waiting at various resistance levels in the market. Low volume on the SPY, Q, and the S&P 500 e-minis all seem to suggest that the sellers decided to take the day off. The question is if they decide to show up tomorrow.
-Mike
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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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