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Subscribe →July 28, 2020
Stocks – AAPL, AMZN, MU
Macro – SPY, QQQ
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- Downward Trend Are Still In Place
- Stock A Bit Weaker – Morning Commentary
- Recent Move Lower Likely To Continue- Midday
- S&P 500 Put Buyers + Dollar’s Gloomy Message
- Big Option Bet Suggest Market Has Seen Its Highs – Morning
- It’s All About The Risk-On Trade – The Look At The Week Ahead
- EPS Trends May Be Stabilizing, Positive For Long-Term View On Stocks
- How Low Can Markets Go If The Uptrends Break
- Trends Suggest Lower Prices Lie Ahead – Midday
MICHAEL KRAMER AND THE CLIENTS OF MOTT OWN AAPL
Stocks finished the day lower, with the QQQ falling by around 1.3% on the day. The market had been pretty tame all day but then sold-off at days end, as Congress has yet to come up with agreement over the next stimulus bill. Additionally, the Qs managed to fail at a pretty strong downtrend, which helped to accelerate the selling.
The significant level to watch for the Qs comes at $254. It is where the long-term uptrend from April lies. A break of this uptrend would result in a great deal of damage to the market overall. With the FOMC press conference tomorrow, it could be a huge day.
As I have been noting since the second week of July, the bearish putting betting has just been building and building in the Qs.
Navigating The Market · By Michael Kramer Independent macro and options research, published every trading day. Daily written analysis covering gamma exposure, dealer flows, key levels, and the macro drivers moving markets. Includes full video access. Recent Subscriber Analysis
S&P 500 (SPY)
The S&P 500 was not immune to today’s selling pressure, either. It dropped by around 65 bps. The S&P 500 seems to be in a much safer place than that of the NASDAQ 100.
More recently we have been seeing the put buying move in the SPY – (Mike’s RTM Premium content – S&P 500 Put Buyers + Dollar’s Gloomy Message)
Apple (AAPL)
Apple did not have a good despite reports that the iPhone launch will occur in September despite reports from last week it won’t. I noted in the midday that Apple did not respond well to the news, and I found that to be very odd. When stocks don’t respond to positive news positively, it means they are going lower, not higher. I don’t like this set up going into results on Thursday. (Mike’s RTM Premium content – Downward Trend Are Still In Place)
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Amazon (AMZN)
Amazon now has a downtrend in place, and that is not good news for the stock. Like Apple, the setup looks poor going into Thursday.
Micron (MU)
I noted in an SA article today that Micron stock is seeing some bearish betting and that a drop below $49.80 triggers a decline to $45.50. Micron’s Shares Are Facing A Steep Sell-Off
That’s all I have the energy for today, I’m drained, and my head hurts from thinking to hard.
-Mike
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