Round and Round The Market Goes, Where It Will Stop Nobody Knows

Russell 2000 (IWM)

It would appear that the markets for the moment have escaped the abyss with the Russell 2000 rising by over 1.6% and closing pretty close to its highs. Now the Russell needs to clear a downtrend at 1,500, with a significant region of resistance waiting in an area of 1520 to 1536.

It seems as though the RSI is attempting to break out and push higher. It would at least indicate to me we likely see a test of the 1520 to 1536 region.

russell

russell

S&P 500 (SPY)

The S&P 500 is also getting close its big break out region at 2935. I went through the reason why in a video today. It seems possible that this may be the time the S&P 500 finally breaks and pushes towards 2950. Here’s Why The Long-Awaited Break Out May Finally Happen

S&P 500, spy

S&P 500, spy

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

Facebook broke a downtrend today and is now testing resistance at $186 with a chance to push higher towards $194.

Fb, Facebook

Fb, Facebook

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

Netflix looks like it rising above the falling wedge. But then it stalled out and appeared to have formed a new downtrend. I’d feel a whole better if the stock could get over $300. At that point, the chance for a push to $320 seems possible.

netflix, nflx

netflix, nflx

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

Apple stopped rising at $209.50 again, and it likely sets up a push towards $217.

Apple, aapl

Apple, aapl

Alibaba (BABA)

Alibaba is rising, but this thing has so much headline risk, it worries me. Resistance is around $178.

alibaba, baba

alibaba, baba

Square (SQ)

Square has been holding support around $62 and appears to be forming a double bottom. The stock would need to rise above $65.50 to confirm the double bottom. I will monitor this one.

Square, sq

Square, sq

At least tomorrow is Friday

-Mike

Source: 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.