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July 24, 2020
Stocks – AAPL,
Macro – QQQ, SPY
Mike Reading The Markets Premium Content – $35/Month or $300/Year
- How Low Can Markets Go If The Uptrends Break
- Trends Suggest Lower Prices Lie Ahead – Midday
- Bears Circling In On Apple
- Uptrends Breaking Signal Bearish Turn
- The Momentum Trade Is Breaking
- Morning Write-Up
- AMD Breakout, Markets Holding – Midday
- Index At Razor Thin Levels – Morning
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL
If you are bull, you should feel good about today for a couple of reasons. First, the QQQ ETF quickly tested support around the $252 level, and it held. Additionally, the S&P 500 futures tested 3,200 a few times, and it held. Those were both significant levels and good news for the bulls. In a more fragile market, they would have snapped, and that would have sent in a wave of Algo selling.
The bad news, because there are also two sides to the market, are these facts. First, the NDX now has a clear downtrend on the RSI. It tells me one of two things, the trend in the NDX is either lower or sideways, but not higher. We may also have a double top that formed in the NDX but it is too close to call at this point.
Second, the uptrend in the SPY is officially broken.
Copper officially closed below its uptrend.
Meanwhile, Apple has fallen below its uptrend for the first time since April 1, and its RSI is at the lowest levels since April 21. I also saw some bearish options betting today for Apple. (Premium content – Bears Circling In On Apple)
Yes, the bulls made an excellent stand today, my concern is that damage has already been done, and there wasn’t enough to repair the charts from that damage, today. Additionally, with copper falling below its uptrend, it almost confirms that the bullish risk-on momentum trade may have seen its best days. Am I concerned about the health of the rally from this point? I am. (Premium content – How Low Can Markets Go If The Uptrends Break)
anyway, moreover the weekend
-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.
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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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