8 Monster Stock Market Predictions – The Week Of December 28

Chart, Trading, Courses, Forex, Analysis

It will be another holiday-shortened trading week, with the stock market closed on Friday, January 1. There will also be limited amounts of economic data this week, which means there won’t be much news to push the markets around unless something new with the stimulus bill develops. I find it unlikely that a new bill is presented or that President Trump will sign the current bill. He will most likely pocket veto the bill, making it essentially disappear.

S&P 500 

Resistance for the S&P 500 (SPY) is currently around 3,715 with support around 3,700 then 3,655. I continue to think that we will head lower over the next several weeks, filling plenty of gaps on the way towards 3,200.  (Paid Subscriber Video – RTM TWA – Stock Patterns Remain Bearish, As Rates Near A Breakout)

NASDAQ 

It is not all that much different this week for the QQQ, with resistance now at $310.50 and support around $308.

Gamestop 

Gamestop (GME) is a stock that we started to look at last week. Based on my analysis, this seemed like a typical convexity squeeze, and now it is breaking down. There is a descending triangle pattern that is forming, and the RSI and volume levels are falling. It would indicate the stock’s next level of support comes around $18.65. (Should be a free story – GameStop’s Soaring Stock May Crash And Burn)

Zoom 

Zoom (ZM) may not be finished falling over the short-term, with the stock moving to support at around $370. A break of support would indicate a sharp decline is to come, with the shares dropping to around $325.

Micron 

Micron (MU) stalled at resistance around $70 and now faces a reversal of fortune. The stock is sitting on support around $69 with the potential for it to drop to around $61.40 over the next 2-week ahead of results.

FuboTV 

Fubo (FUBO) hasn’t finished falling yet, as the convexity squeeze has popped, and the stock still faces a lock-up expiration this week. It could have more downside to around $39.75. I talked more about why I think this is the case in this week’s video for subscribers. (Should be free – fuboTV’s Stock Is In The Middle Of A Giant Squeeze)

1 2
View single page >> |

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

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.