Stocks Are Set To Jump On March 4, But For How Long?

By Michael J. Kramer of Mott Capital Management

Founder/CEO at Mott Capital Management, LLC • Mar 4, 2020 at 9:15 AM EST

S&P 500 futures are pointing to a higher opening on March 4, and at least for now avoiding those declines I was fear of last night.

S&P 500 (SPY)

S&P 500 futures are pointing to a higher opening on March 4, and at least for now avoiding those declines I was fear of last night. The Futures are have been moving higher after holding support around 2980 overnight.

Perhaps the market is rising due to the Super Tuesday results, or maybe the market is merely following the South Korea index higher. The KOSPI has mounted a very nice rebound and finds itself at an inflection point, one that could lead to further gains, or a reversal.

South Korea

The KOSPI finished the day right at resistance at 2061 and back in that former support region, which is now a resistance region. I would consider this market as the most accurate of the Asian markets to track, given how hard the coronavirus has hit them, and its importance as an exporter.

kospi

The question, of course, is if we will hold the gains on the S&P 500. It is a good question, as we know, there is a tendency to see those gains fade and to fill the opening gap.

S&p 500, spy

AMD (AMD)

AMD managed to hold on to support yesterday at $46.80, and today is testing resistance around $48.50.

AMD

Intel (INTC)

Intel has been trending higher the last couple of days with the next level of resistance at $59.75.

intel, intc

Apple (AAPL)

Apple is rising some today but still faces resistance up at $301.

aapl, apple

Nvidia (NVDA)

If Nvidia can clear $280 today, it probably works higher to fill the gap up at $293.

Good luck today.

Disclosure:

Michael Kramer and the clients of Mott Capital own AAPL.

Disclaimer:

This article is my opinion and expresses my views. Those views can change at a moment's notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly, and I do not trade my account on the stocks spoken of in this column unless fully disclosed.
Additional Disclaimer: 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.

STOCKS IN THIS ARTICLE

AMD AAPL INTC NVDA SPY

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