9 Monster Stock Market Predictions On October 31, 2019
MACRO
Don’t forget tomorrow is a huge day for economic data, the job report, and ISM PMI
Stocks finished the day lower by about 25 basis points at 3038. But it was much worse than that at one point falling to around 3027, which is essential, because that level is technical support, the previous high, and the breakout. So far, the index held that support and bounced higher from it. That is positive and continues to suggest that the general trend at this point is likely to be higher.
Semis (SMH)
There may be another big move coming for the semis based on the chart of the SMH. Potentially to around $135. There appears to be a bullish flag pattern that has formed. Meanwhile, the RSI is trending higher.
STOCKS
Facebook (FB)
Anyway, Facebook had a good day. I watch it a lot today, and the stock always managed to find a bounce when it got below $192. Perhaps there is a floor; maybe there isn’t. Tomorrow will be a telling day for Facebook. Tomorrow we can find out if my prediction is right or wrong. – premium content 3 Stocks Making Me Look Stupid
Apple (AAPL)
Apple had a good day today too. However, there does seem to be a strong level of resistance in the stock now at $250. I’d be careful here, again, I still think the stock is heading lower short-term.
Qorvo (QRVO)
Qorvo is skyrocketing after posting solid results and better guidance. It just broke above resistance at $86.50. That should help the SMH and semis tomorrow.
Skyworks (SWKS)
That could be a very big positive for sign Skyworks, which reports next week. The market seems to think the same as I do, with the stock also jumping after hours on Qorvo. An increase above $93.50 sends it back to $100.
Roku (ROKU)
I fear for Roku. The stock failed today at $150. It is a big test, break out and rise to $180. If not, it’s going to $135. I think $135 is more likely than $180.
Disney (DIS)
Disney has not been acting well, but maybe a falling wedge pattern has been created. If so, perhaps it pushes back to $132. Not what I thought would happen.
Twitter (TWTR)
Twitter is failing at $ 30.20, and if can’t get back above that price then the stock could fall to $27.20
Have a good one.
Michael Kramer And The Clients Of Mott Capital Own AAPL, SWKS, AND DIS
Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice when the ...
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