Michael Kramer and the client off Mott Capital own Apple
Stocks Mentioned: Apple, Amazon, Intel, Nvidia, Square
May 9, 2019
S&P 500 (SPY)
Stocks had a wild day of trading that resembled something like a casino or a rollercoaster, with ups and downs, twist and turns. It is impossible to know for sure, but the comeback was impressive and perhaps more important is where the index stopped falling. The S&P 500 filled a very important gap that was formed on April 1 today at 2,836. From that point on it was up on the S&P 500. I pointed this out this morning in a premium article post.
There is still plenty of work to do because a downtrend has formed in the index and now the S&P 500 would need to clear 2880 to confirm a break out from the downtrend, giving hope for a rise to 2,915.
The 10-year treasury yield also managed to hold on to support at 2.42%.
I saw some bullish betting in Square today, and the stock continues to hold support at around $65.50. You can read more here in a premium room write up about the opinion activity.
Apple fell below the uptrend but is still holding on to support at $198. A break below this price sends Apple’s stock down $194.
Amazon fell below support at 1,900 today, and that means the stock may be on its way to $1850. The uptrend that has been in place send March is broken too.
Intel has broken down and the region around $46 needs to hold or a drop to $42.50 seems likely.
Nvidia looks weak and $150 may now be on the table for the stock.
That is it. At least tomorrow is Friday!
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