Stocks Will Try To Rebound on September 30, But It Isn’t Looking Good

September 30 -Stock mentions: SPY, EWY, EWG, EWH, JDWealth Strength IndexAAPL is Extremely Up and trending Up, BABA, SHOP, MSFTWealth Strength IndexAAPL is Extremely Up and trending Up, TWTRWealth Strength IndexAAPL is Extremely Up and trending Up

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

US Markets

  • S&P 500 Futures +9 points
  • US 10-Year 1.7%
  • VIX 17.01
  • Oil $55.81
  • Dollar Index 99.22

International Markets

  • Shanghai -0.92%
  • HSI +0.53%
  • KOSPI +0.64%
  • Nikkei -0.56%
  • Germany – 0%
  • UK -0.23%

MACRO

South Korea (KOSPI)

The Kospi has been pulling back in recent days after failing at resistance at 2,107.

kospi

kospi

Hong Kong (EWH)

Hong Kong has given back nearly all of its early September gains.

Hong Kong, HSI

Hong Kong, HSI

Germany (EWG)

Germany is also now trending lower.

germany, dax

germany, dax

S&P 500 (SPY)

S&P futures are pointing to a slightly higher opening for the S&P 500 by roughly 30 basis points.  For now, the index will face some resistance at 2975. That is where the index will run into a level of resistance and a downtrend. It will be an important level to watch. A break out starts the next move higher; a failure sends the index lower towards 2935.

S&P 500, spx

S&P 500, spx

It also appears that the number of stock above their 50-day moving average still has some further to fall.

50day moving average

50day moving average

STOCKS

JDWealth Strength IndexAAPL is Extremely Up and trending Up (JDWealth Strength IndexAAPL is Extremely Up and trending Up)

JDWealth Strength IndexAAPL is Extremely Up and trending Up.com is bouncing some this morning off of support at $27.50, but this stock is beholden to headline risk, and that makes reading the charts nearly impossible. Resistance comes at $29.35.

<a href=JDWealth Strength IndexAAPL is Extremely Up and trending Up" width="1330" height="603" data-lazy-type="image" />

<a href=JDWealth Strength IndexAAPL is Extremely Up and trending Up" width="1330" height="603" />

Alibaba (BABA)

Alibaba is in the same mess, with support at $166.50 and resistance at $179.75.

Alibaba, baba

Alibaba, baba

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

Twitter has broken the uptrend and support at $43, a drop below $40.35 sets up a steeper decline to $36.50.

twitter, twtr Stocks will try to rebound on September 30, but it is not looking good when looking at international markets and stocks above their 50-day.

twitter, twtr Stocks will try to rebound on September 30, but it is not looking good when looking at international markets and stocks above their 50-day.

Shopify (SHOP)

Shopify needs to get above $315 to avoid a retest of support at $285.

shopify, shop Stocks will try to rebound on September 30, but it is not looking good when looking at international markets and stocks above their 50-day.

shopify, shop Stocks will try to rebound on September 30, but it is not looking good when looking at international markets and stocks above their 50-day.

Microsoft (MSFTWealth Strength IndexAAPL is Extremely Up and trending Up)

Microsoft continues to trend higher, but it is also struggling to rise above $142. Watch for the trend higher to continue in the days and weeks ahead, with an eventual break out above $142.

msft, microsoft, Stocks will try to rebound on September 30, but it is not looking good when looking at international markets and stocks above their 50-day.

msft, microsoft, Stocks will try to rebound on September 30, but it is not looking good when looking at international markets and stocks above their 50-day.

Have a great day!

-Mike

This article appeared first on Mott Capital Management.

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 results.