Stocks Are Ready To Fall on October 14 As Trade Optimism Fades

OCTOBER 14- STOCK MENTIONS: SPY, AAPLWealth Strength IndexAAPL is Extremely Up and trending Up, AMZNWealth Strength IndexAAPL is Extremely Up and trending Up, BYND, SBUXWealth Strength IndexAAPL is Extremely Up and trending Up,TSLAWealth Strength IndexAAPL is Extremely Up and trending Up

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN AAPLWealth Strength IndexAAPL is Extremely Up and trending Up, TSLAWealth Strength IndexAAPL is Extremely Up and trending Up

US Markets

  • S&P 500 Futures -13.75 points
  • US 10-year – Closed
  • VIX 16.35
  • Dollar Index 98.38
  • Oil $53.45

International Markets

  • Shanghai +1.15%
  • Hong Kong +0.81%
  • Japan +1.15%
  • KOSPI +1.11%
  • UK -0.64%
  • Germany -0.90%

S&P 500 (SPY)

S&P 500 futures are declining some today as investors continue to digest last week’s announcement on trade. Additionally, to no surprise, China is essentially saying don’t celebrate until the two sides sign an agreement. So we can see what happens next, but at least all sides seem to agree that progress was made on a potential deal, and it still seems to be in both countries’ interest to get a deal done.

By the way, keep in mind, the bond market is closed today.

For now, the S&P futures are holding the uptrend around 2960, which is positive, and the next layer of support comes around 2940ish. That would allow the S&P 500 cash to fill Friday’s gap higher, and then resume its uptrend.

S&p 500, spy

Apple (AAPLWealth Strength IndexAAPL is Extremely Up and trending Up)

Apple is one stock that is falling today, and given the big stock run-up a pullback shouldn’t come as a surprise. A drop below $236 likely sets up a drop to $229.

apple, aapl

Amazon (AMZNWealth Strength IndexAAPL is Extremely Up and trending Up)

Amazon continues to stall out around $1750. Now one must watch for support at $1700. While it may be too soon to worry about $1620, it needs to be on the radar, especially given how many times Amazon has failed at resistance.

facebook, fb

Starbucks (SBUXWealth Strength IndexAAPL is Extremely Up and trending Up)

Starbucks has broken its uptrend, and now the stock is trending lower, and a decline of $84.80 sends the stock back to $81.50.

starbucks, sbux

Beyond Meat (BYND)

Meanwhile, Beyond Meat is getting closer to fill that gap at $100.

beyond meat

Tesla (TSLAWealth Strength IndexAAPL is Extremely Up and trending Up)

Tesla is rising above a symmetrical triangle and needs to clear $253 to push to $261.

tesla, tsla

Have a good day

-Mike

This article appeared first on Mott Capital Management.

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