Stocks May Fall on October 7-Don’t Get All Doom and Gloom Yet

October 7 – Stock mentions: SPY, UBER, AAPLWealth Strength IndexAAPL is Extremely Up and trending Up, NFLXWealth Strength IndexAAPL is Extremely Up and trending Up, TWTRWealth 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, NFLXWealth Strength IndexAAPL is Extremely Up and trending Up, and TSLAWealth Strength IndexAAPL is Extremely Up and trending Up

US Markets

  • S&P 500 Futures -6points
  • 10-Year 1.52%
  • Dollar Index 98.91
  • Oil $53.05
  • VIX 18.33

International Markets

S&P 500 (SPY)

The S&P 500 futures are trading lower this morning on headlines that China is reluctant to make a broad trade deal. Regardless, the S&P 500 futures are holding support around 2,935 and the uptrend. So don’t get all doom and gloom yet. I still think we are heading higher towards 2,985.

S&P 500, spy

S&P 500, spy

UBER (UBER)

UBER is rising this morning after Citigroup upgraded the stock to a Buy with a $45 price target. The stock is trading at resistance at $30.50 this morning. Should the stock rise above that price it could continue higher to $32.10

UBER

UBER

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

Apple launched its newest phone, but attention is turning to 2020 already. According to reports, the company is likely to start making a cheaper iPhone next year. The stock is flirting with moving towards its all-time highs.

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

Netflix is trading around resistance at $273, and the stock needs to break out to push back to $284. NFLXWealth Strength IndexAAPL is Extremely Up and trending Up double bottom on the RSI, suggesting shares are oversold.

netflix, nflx

netflix, nflx

Twitter (TWTRWealth Strength IndexAAPL is Extremely Up and trending Up)

Twitter is hovering around resistance at $40.35, and a falling wedge pattern may suggest the stock is getting to reverse higher and head towards $43.

twtr, twitter

twtr, twitter

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

Tesla has been going nowhere, but the one thing that seems clear is that support continues to hold at $225.

tesla, tsla

tesla, tsla

Have a great one!

-Mike

This article appeared first on Mott Capital Management.

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