Can The Stock Market Make It 3 Up Days In Row on June 6

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

US Markets

  • S&P Futures +7
  • US 10yr  – 2.1%
  • VIX 16.04
  • Dollar Index 96.93
  • Oil $52.13

Intl. Markets

  • Japan Nikkei -0.01%
  • China Shanghai -1.17%
  • Hong Kong HSI +0.26%
  • South Korea KOSPI +0.10%
  • Germany DAX +0.20%
  • UK FTSE +0.57%

S&P 500 (SPY)

The stock market is sets to open higher once again on June 6,  setting up a potential showdown with resistance at 2,836 on the S&P 500. However, given the sharp rise in the index, support comes at 2,812 and then the downtrend, which has fallen to around to a range of 2,800 –>2,794.

I think the first test may be difficult to break out.

spx, sp500

spx, sp500

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

Apple may continue to rise today after it was initiated at Evercore with an Outperform and $205 target. The next level of resistance comes at $195 first.

apple, appl

apple, appl

AMD (AMD)

AMD was upgraded at Morgan Stanley to overweight from underweight and $28 target. I saw some bullish call activity for the June 21 $35 strike price. The open interest rose today by almost 14,000 contracts to a total of almost 22,000. A buyer of the calls needs the stock to rise to around $35.20 by expiration.

The next big test for AMD comes at $31.40.

amd

amd

Tesla (TSLAWealth Strength IndexAAPL is Extremely Up and trending Up)

Demand issues at Tesla? Not based on the latest info from Electrek. According to the website, the company is aiming to make 66,000 deliveries in North America alone. A rise above $205 takes the stock to $225. The stock is challenging $205 already in the premarket. I guess Alexa was right.

tsla, tesla

tsla, tesla

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

Micron is likely to struggle as DRAM prices continue to slide, according to DigiTimes.  A drop below $32.50 sets up a decline to $29. One has to wonder if management will need to revise its second-half outlook when they report results. It would sound like it.

micron, mu

micron, mu

Citigroup (C)

Watch Citigroup today. The stock is stalling out around $66. If it rises above $66, it can move up to $70. If it can’t, it goes back to $61.  I think it goes back to $61.

c

c

ECB stuff in the afternoon write-up.

-Mike

This article appeared first on Mott Capital Management

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