stock market

Tomorrow Is An Extremely Important Day For The Stock Market


Tomorrow Is An Extremely Important Day For The Stock Market

Starting today, I am experimenting with a mid-day trading update. It will be a quick snapshot of the days market action, and a couple of things I’m watching.  For now, the only way to get sent it directly to you will be through push notification. If it proves to be successful and worthwhile, I will them institute a mailing list.

 

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The Stock Market Continues To Slide

The stock market continues its wild ride, and there is no telling when this roller coaster will end. I was fooled into thinking that the stock market may have bottomed last week. The signs were there, but the market had a different viewpoint today. The S&P 500 got to within 20 or so point of the February lows, and that makes tomorrows trading action extremely important. If we go below that 2,530 level, I will become much more fearful of additionally declines.

S&P 500

Mott Capital Management, Michael Kramer

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Technology

The XLK may be the most important of the charts to watch, because what was obvious, and something I missed, was the fact that XLK never broke out Thursday, and that should have been my clue. I think any market rally, for now, is suspect until the XLK can breakout.

technology


VIX

The VIX continues to stay around 25 or below, and every attempt in the VIX to rise past resistance has failed. I can’t seem to understand why the VIX is not increasing more sharply, in this market turmoil. Watch the VIX, closely.

vix


Facebook

Here is a positive development today, Facebook didn’t retrace to its previous lows.

facebook

Google

Google also held its previous lows as well, around 1,000.

google

Netflix

Netflix too.

netflix

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Amazon

Amazon is the only chart that looks to be getting weaker, and I continue to think the selling isn’t complete. I still see a price below $1300

amazon

Micron

Micron stopped at $49.75. It was a level we had been watching, but again I got faked out on Thursday. So let’s see if Micron can get above $52.25, that will be the real test.

amzn


Boeing

Boeing chart is completely broken, a decline to $297 seems in order.

ba

Caterpillar

Caterpillar broke some critical support as well.

cat

Honeywell

Even mighty Honeywell is looking vulnerable here.

honeywellTomorrow becomes a critical trading session for the stock market.

Good Luck!

-Mike

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Mott Capital’s Reading The Markets – An In-depth Global Macro Stock Market Commentary – In Video Format – See How Michael Dissects The Markets

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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.

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Tags: #sp500 #tech #technology #semiconductors #boeing #micron #honeywell #amazon #facebook #google #catepillar #netflix #twitter

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