Home ยป Will It Be Another Wild Day For The Stock Market on December 13?

Will It Be Another Wild Day For The Stock Market on December 13?

Will It Be Another Wild Day For The Stock Market on December 13?

Subscribe to The Free Market Chronicle and join the 2,722 subscribers getting it for FREE!

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPL, NFLX, GOOGL

[widget id=”text-19″]

Good Morning Today is December 13

  • S&P 500 futures are pointing to a lower opening of 3 points as of 7:30 AM
  • The US 10-year rate is at 2.89%
  • Dollar Index is at 96.97
  • WTI Crude Oil is $50.96
  • Critical events for today: โ€“ ECB Rate Decision and Press Conference – around 7:45 AM

Recap of International Trading:

Japan wasย  +0.99%

Hong Kong Hang Seng Index +1.29%

China Shanghai Comp. +1.23%

UK FTSE up -0.08%

Dax +0.19

FED Rate Hike Watch:

According to the CME, there is now a 78% chance of a rate hike in December, thatย is up from 77% yesterday.

Currently, the market is pricing in a 33% chance there is no rate hike in 2019 and a 37% chance of just one rate hike.

No GAP higher or low

So far today we are looking for a modest drop in the S&P 500 to start the day, and that is a good piece of news. The gaps up and down have created a great deal of volatilityย in the recent weeks.

There is a mild uptrend that has formed in theย S&P 500 and should we have a flat opening; there is a good chance we can continue along that uptrend higher and retest yesterday’s highs around 2,686.ย  Should that uptrend not hold, then it would set up a retest of 2,630.

spx, sp500

FAAMNG

Once again the market will lean heavily on the Apple, Facebook, Alphabet, Netflix, Microsoft, Amazon, and the Chip stocksย to get a sense of direction. These stocksย continue to be among the largest in the marketplace and these are once again the stocks that weigh the most heavily on the path of the index.

Microsoft (MSFT)

Of all the stocks in the market, Microsoft has been one the most stable.

microsoft, msft

Amazon (AMZN)

Amazon will try to continue to rise today. The stock was able to rise above a short-term downtrendย yesterday. Resistance continues to be around 1,760, support around $1620.

amazon, amzn

Facebook (FB)

Facebook did rise above a long-term downtrend, and it would seem the path for the stock is higher to around $148.

facebook, fb

Netflix (NFLX)

Netflix rose above a resistanceย levelย yesterday clearing a short-term downtrend and a resistance level around $271. Resistance is at $285 appears to be strong.

netflix, nflx

Apple (AAPL)

Apple is trying to change the course of its trend. $164 has continued to offer strong support. It is going to take a rise above $171 for Apple to move on to $180.

apple, aapl

Alphabet (GOOGL)

Alphabet is also slowly trending higher, with resistance around 1,125.

googl

Broadcom

Rose above a downtrend yesterday and cleared resistance around $251. The stock appears poised to rise to around $274.

Banks

The banks are the one group that can make things difficult for the broader market. The BKX bank index has been aย free fallย and has droppedย below 90.50. It could quickly send the index to around 88.50.

bkx, banks

JPMorgan

JPMorgan is the biggest bank, and resistanceย appears to be firm around $102.

jpmorgan

Citigroup (C)

Support for Citigroup is around $55.

citigroup

Bank of America

Bank of America could beย heading towards $22.90.

bank of america

Goldman Sachs (GS)

The next level of support for Goldman is $171.

goldman sachs

Good Luck!

-Mike

Photo Credit Via Flickr

Mott Capital Management, LLCย 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.ย Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of futureย results

sp500, Amazon, Facebook, Tesla, Broadcom,netflix