Home » The Stock Market Tested A Very Important Level and Rebounded Sharply

The Stock Market Tested A Very Important Level and Rebounded Sharply

The Stock Market Tested A Very Important Level and Rebounded Sharply

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

Otherwise, enjoy the column!

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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.

spx, spy

Rates

The 10-year treasury yield also managed to hold on to support at 2.42%.

yields,

Square (SQ)

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.

square, sq

Apple (AAPL)

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.

apple, aapl

Amazon (AMZN)

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.

amazon, amzn

Intel (INTC)

Intel has broken down and the region around $46 needs to hold or a drop to $42.50 seems likely.

intel, intc

Nvidia (NVDA)

Nvidia looks weak and $150 may now be on the table for the stock.

nvidia, nvda

That is it. At least tomorrow is Friday!

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.