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
- S&P 500 Futures: +11 points
- US 10-Year Rates: 2.10%
- Dollar Index: 97.12
- VIX Index: 18.50
- Oil: $52.54
- 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.
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.
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.
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.
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.
The biotech sector is also gearing up for a break out on June 4 which could send the XBI back to $83.
Turnaround Tuesday? Let’s hope so.
This article first appeared on Mott Capital.
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