• The S&P 500 is down 6.6% so far in September.
  • Amazon has a hardware product event on Wednesday.
  • Nike and Micron Technology both report earnings on Thursday.

The S&P 500 index lost 4.1% last week and left traders melancholy with another week to go in this dreadful September. The S&P 500 index is down 6.6% so far in the month that is already known for poor performance, and most seem to think the pain will continue. 

Durable goods orders, new home sales and consumer confidence all get reported on Tuesday. Then Thursday serves up the GDP figure, and Friday offers a trifecta of the Personal Expenditures Consumption Index, the Michigan Consumer Sentiment Index and the Chicago Purchasing Managers' Index. This is all to say that the week has plenty of data points that could cause further deterioration in market sentiment.

Amazon, Nike, Micron Technology stock news

This does not mean you should ignore this week in the stock market however. Some of the best times to buy are when the market looks depressed. As luck would have it, some of the biggest stocks out there are not throwing in the towel just yet and will carry on with business as usual.

First up is Amazon (AMZN) with its hardware event on Wednesday. Amazon has not specifically told invitees what to expect, but there are a number of rumours circulating. The biggeset rumour involves the unveiling of the Astro home robot. The robot is fitted with a camera that would allow you to check if you turned off the stove when you are on vacation or maybe check on pets. Other possible announcements involve new innovations in Ring home security technology and updated Amazon fitness electronics.

Second, Nike (NKE) will be releasing fiscal Q1 2023 earnings post-market on Thursday. All of Wall Street will be bracing for a miss with recently poor earnings from FedEx (FDX) on everyone's mind. Nike does a lot of ecommerce these days, and FedEx has reported that deliveries are pulling back in a major fashion. Consensus calls for GAAP earnings per share (EPS) of $0.92 on revenue of $12.29 billion. That would mean revenue pretty much flat YoY.

Then there is Micron Technology (MU). The semiconductor producer of memory and storage products also releases earnings, likely during the regular session, on Thursday. Wall Street expects $1.38 in adjusted EPS on $6.81 billion in revenue. This amounts to a 43% reduction from the EPS reported in the year-ago quarter and a drop of nearly 18% in revenue, so the Street's dour outlook may be enough to warrant a beat.

Amazon stock forecast

Amazon stock lost 7.4% last week, which is fairly unusual for this monster. The weekly chart below shows that AMZN stock is hurtling back toward the demand zone that worked from May through July of this year. This demand zone actually stems from February 2020 before the pandemic was fully realized. Roughly speaking, it extends from $104.25 to $109.30. A break through this region, which we think unlikely at the moment, would send Amazon shares down to the pandemic low of $81.30. Amazon stock will not enter bullish territory until it closes above $130 on the weekly chart, roughly where the 30-week moving average currently is.

AMZN weekly chart

Nike stock forecast

Nike stock is back at fresh two-year lows with last week's 7.4% drop. Now in Monday's premarket it looks like NKE stock may open a full dollar lower at $96. At times like these we just scour the charts for areas of support. There was plenty of volume in the $90s between late 2019 and the first half of 2020. Some support would seem likely to appear around or just below $94, which is a good sign for bulls looking for an entry. Also there was a bit of a post-Covid crash shelf around $85. Lastly, there was the pandemic bottom at $60.

NKE weekly chart

Micron Technology

Micron stock has been retreating under a heavy descending top trend line since last year. The stock has fallen far enough that it now seems well into buy territory and even sports a price-to-earnings ratio of 6. Despite its heavy profitability, the market sees little possibility for growth, and so Micron trades like an underwater homebuilder. Already breaking below the $50 price level, Micron may be an easy lay-up once the macro clouds part. The $43 price point offers a better entry point, however, and has the added benefit of working as support both pre-covid (September 2019) and post-covid crash (August 2020).

Micron weekly chart

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