10 Monster Stock Market Predictions For The Week Of March 1

NASDAQ 100 (QQQ)

The NASDAQ 100 (QQQ) ETF may already be telling us what comes next. The QQQ has broken below the March uptrend already and now rests on an uptrend that started in April. A break of that uptrend spells a lot of trouble for the NASDAQ.

More concerning is that the selling is coming on massive volume levels, while the RSI is now making lower lows and trending down. These are both bearish indicators. It is potentially setting up a drop to around $275 on the Q's.

Alibaba (BABA)

Alibaba finally came down to that $240 level I noted before the company reported on Feb. 1. It took longer than I expected, but better late than never.  It seems plausible that the stock may test support at the bottom of the range around $225.

Amazon (AMZN)

Amazon has also struggled since reporting results. This is a case of the company telling you that the future will not be as great as the past year and it is aiming to lower operating margins. The stock fell back to $3,070, much like I expected. The stock has a little more support that I am now noticing, around $2,970, which, given the RSI, is likely to come sooner than later.

JPMorgan (JPM)

I didn’t forecast JPMorgan’s call accurately at first, but maybe I can I correct that. Originally, I thought JPMorgan’s stock was likely to fail at resistance around $141. However, it continued to push higher as rates rose. But they stalled out at $154 after becoming extremely overbought. The uptrend is broken. I think it will fall back to $141.

Costco (COST)

Costco has given back nearly all of its post-pandemic gains and it should find support around $325. The stock is extremely oversold, but I’m not sure if the longer-term trend lower in the RSI is over yet.

P&G (PG)

P&G has already fallen below its February 2020 highs, and may still have some further to fall, perhaps to around $119.75.

Adobe (ADBE)

Adobe is testing key support at $450, and a break of that level of support would likely start a big drop lower. There could be some support around $415, but there is also a good chance to come out of this descending triangle, and given where the RSI is, that $385 may be more likely.

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Disclosure: Mott Capital Management, LLC is a registered investment adviser. Information ...

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