Can June 4 Equal Turn Around Tuesday? Let’s Hope So!

Michael Kramer and the clients of Mott Capital own AAPLWealth Strength IndexAAPL is Extremely Up and trending Up and NFLXWealth Strength IndexAAPL is Extremely Up and trending Up

US Markets

  • S&P 500 Futures: +11 points
  • US 10-Year Rates: 2.10%
  • Dollar Index: 97.12
  • VIX Index: 18.50
  • Oil: $52.54

International Trading

  • Japan Nikkei: -0.01%
  • China Shanghai Composite: -0.96%
  • Hong Kong HSI: -0.49%
  • South Korea KOSPI: -0.04%
  • German DAX: +0.92%
  • UK FTSE: +0.20%
  • 10-Year Bund -0.215%

June 4 = Turnaround Tuesday?

Turnaround Tuesday? So far it would seem like it, with the S&P 500 futures are rising on June. The good news is that the SPY ETF is pointing to an opening above the downtrend we had mentioned yesterday, and above support.

Should the rally last, the first level of resistance would come around 2,770. But an increase above the downtrend would be a positive development and could mark a change in trend at least for the short-term. It may also allow the index to challenge 2,800 by week’s end.

S&P 500, spx

S&P 500, spx

Apple (AAPLWealth Strength IndexAAPL is Extremely Up and trending Up)

Apple will be on watch today to see if the stock can reclaim $175 today and begin to recover. Again, for the most part, AAPLWealth Strength IndexAAPL is Extremely Up and trending Up  continues to hold up reasonably well, and it could indicate a bottom is forming.

Apple, aapl, june 4

Apple, aapl, june 4

Micron (MUWealth Strength IndexAAPL is Extremely Up and trending Up)

Micron we can watch today and use that as a proxy for the broader semi-group. The stock, for now, appears to have started forming a bottom and could be getting ready to turn higher. Resistance for MUWealth Strength IndexAAPL is Extremely Up and trending Up would come around $34.

micron, mu, june 4

micron, mu, june 4

 

Netflix (NFLXWealth Strength IndexAAPL is Extremely Up and trending Up)

Netflix is rising some on June 4, and the stock fell as part of the big technology sell-off. We can call it guilty by association. But Netflix doesn’t fall into a trade or anti-trust camp, so I think the stock should be fine. Again, I still think NFLXWealth Strength IndexAAPL is Extremely Up and trending Up could rise back to $380.

Netflix, nflx, june 4, stock

Netflix, nflx, june 4, stock

Facebook (FBWealth Strength IndexAAPL is Extremely Up and trending Up)

Facebook fell below $166 support on June 3, and now that level shall act as resistance, and I think FBWealth Strength IndexAAPL is Extremely Up and trending Up is still at risk of falling to around $157.

facebook, fb

facebook, fb

Biotech (XBI)

The biotech sector is also gearing up for a break out on June 4 which could send the XBI back to $83.

biotech, xbi, june june 4

biotech, xbi, june june 4

Turnaround Tuesday? Let’s hope so.

-Mike

This article first appeared on Mott Capital.

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.