Entering text into the input field will update the search result below

Turnaround Tuesday

Jul. 21, 2020 6:04 PM ETApple Inc. (AAPL), NFLX, NVDA, QQQ, SNAP, SPY1 Comment
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

July 21, 2020

Stocks – AAPL, NVDA, NFLX, SNAP, 700 HK

Macro – QQQ, SPY,

Mike Reading The Markets Premium Content – $35/Month or $300/Year


Stocks jumped on July 21, then fell. The volatility levels seem to be at extremes, even though they are not reflected in the VIX index. The S&P 500 had been up by around 70 basis points but finished the day up just 18 bps. Meanwhile, the NASDAQ 100 finished the day lower by 1%.

S&P 500 (SPY)

The S&P 500 gapped higher today, and by days end, that gap was filled. The index tried to break out, rising to as high as 3,275 but closed well short of it. At this point, we can say that the index failed to break out in that 3,265 region.


The big question, I'm sure everyone is wondering is if the NDX is forming a double top. The answer is that it is too soon to tell. The NDX would need to fall below that 10,400 level. There is the possibility of a bump-and-run pattern has formed in the index also. The RSI is trending lower now, and that is important to note.

Again, I continue to see bearish put buying in the Qs that suggesting there is plenty of people betting the markets fall from here. I know it is hard to believe, but it is what it is. (Premium content - Still Buying Puts On The Markets)

Netflix (NFLX)

Netflix broke through support today at $495. I happen to think $475 is next.

Nvidia (NVDA)

Suddenly Nvidia has a minor downtrend forming to match its declining RSI. No bearish options bets today, but we have seen plenty in recent days. (premium content - Bearish Bets In Nvidia Continue)

Apple (AAPL)

Apple is very close to the uptrend now, a break of the uptrend would be terrible news for the entire market. The RSI is rolling over, $372 would be next.


Snap is getting hit hard; the company sees third quarter Daily Active Users in a range of 242 to 244 million, basically 243 million at the mid-point. That is shy of estimates for 244.8 million. There could be the making of a head and shoulders pattern there, with a break of $22.50 confirming the pattern. That would be a significant reversal.

Tencent (700 HK)

I don't know what you'll be doing tonight, but I know I will be watching 700 HK, Tencent. Yeah, this thing has traced out Amazon's performance nearly entirely. The stock was up 8% percent last night, and if you want to know where Amazon is going tomorrow, you probably should be watching 700 HK.

A lot of potential double tops out there. Anyway.

Have a good one


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.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

Related Stocks

SymbolLast Price% Chg
Apple Inc.
Netflix, Inc.
NVIDIA Corporation
Invesco QQQ Trust ETF
Snap Inc.
To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.