Stocks Are Set To Fall Sharply on October 2 As Sell-off Continues

Michael Kramer and the clients of Mott Capital own NFLXWealth Strength IndexAAPL is Extremely Up and trending Up

US Markets

  • S&P 500 -19.50 points
  • US 10-Year 1.63%
  • Dollar Index 99.32
  • Oil $53.81
  • VIX 19.66

International Markets

  • Shanghai -0.92%
  • HSI -0.19%
  • South Korea -1.95%
  • DAX -1.23%
  • UK FTSE -1.72%

Macro

ADPWealth Strength IndexAAPL is Extremely Up and trending Up Job Report at 8:15 AM

Rising tensions in Hong Kong are adding to the weakness around the globe.

S&P 500 (SPY)

Well, so much for 2935 acting as a healthy support level. The S&P 500 is falling right through that level on October 2. The SPY shows the index is going to open sharply lower. It makes $289 the most likely level to look for now in the SPY.

S&P 500, spy

S&P 500, spy

We will have to see how things develop from here, but at the moment it would seem the index is not finished falling at this point and a move below 2900 seems likely at this point.

Micron (MUWealth Strength IndexAAPL is Extremely Up and trending Up)

Micron is not helping things either, following that underwhelming report last week. The stock is falling below support $42.10, and it could be in danger of fall all the way $38.70.

Micron, Mu

Micron, Mu

AMD (AMD)

AMD continues to move lower, and it looks like the descending triangle is breaking down, with the odds of a drop to $27.20 to $27.40 on the rise.

AMD

AMD

Netflix (NFLXWealth Strength IndexAAPL is Extremely Up and trending Up)

Wow. According to Piper, 75% of Netflix subscribers are not likely to be interested in Disney+ or Apple+. Gee, what a surprise. The stock is trading a little bit lower along with the broader market today. $260 is support, and $273 is resistance.

Netflix, nflx

Netflix, nflx

Alibaba (BABA)

Alibaba broke the uptrend, and now the losses appear to be accelerating towards $151.

alibaba, baba

alibaba, baba

Facebook (FBWealth Strength IndexAAPL is Extremely Up and trending Up)

Uh-oh, some of the firms initially interested in partnering with Facebook on Libra are having second thoughts. I wonder why? The uptrend is broken. It would not surprise me to see this one trade back to $157.

facebook, fb

facebook, fb

This article appeared first on Mott Capital Management.

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