Stocks Are Set To Break Out Pushing The S&P 500 Towards 2,900

US Markets

  • S&P 500 Futures +11
  • 10-Year Yield 2.62%
  • VIX 13.05
  • Oil $58.54
  • Dollar Index 96.64

International Markets

  • Japan Nikkei +0.77%
  • China Shanghai +1.04%
  • South Korea KOSPI +0.95%
  • Hong Kong HSI +0.56%
  • German DAX +0.89%
  • UK FTSE +0.62%

Global Growth Proxies

  • Copper $2.91
  • Silver $15.38

US Trading

S&P 500 Futures

The good news is that the S&P 500 Futures are breaking out this morning rising above resistance at 2,818. It paves the way for the S&P 500 futures rise towards 2,900.

S&P 500 futures

S&P 500 (SPY)

The S&P 500 is also pointing to a break out this morning. It too paves the way for the S&P 500 rise to 2,900.

S&P 500, spy

Broadcom (AVGOWealth Strength IndexAAPL is Extremely Up and trending Up)

Broadcom is rising this morning after reporting results last night. The company is nearing a potentially big break out as it approaches its all-time highs. A rise above $285 would trigger that break out.  The chart shows a bullish flag formation, a continuation pattern, a positive signal for the stock.

avgo, broadcom

Oracle (ORCL)

Oracle reported results, and unlike Broadcom, shares are falling, following many downgrades. The stock is dropping below crucial support today and could be heading back towards $49.

oracle, orcl

Amazon (AMZNWealth Strength IndexAAPL is Extremely Up and trending Up)

As of now, Amazon may finally be breaking out. The stock is crossing that long-term downtrend today, at roughly $1,700. Should that break out hold, the only thing standing in the way of Amazon and it’s all-time highs is a level of resistance at roughly $1,770.

amazon, amzn

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

Apple is pointing to a higher opening, and a push to $195 is now on the table.

apple, aapl

Ulta (ULTAWealth Strength IndexAAPL is Extremely Up and trending Up)

Ulta is breaking out this morning rising above some key resistance at $315. I had thought a triple top was forming and shares could pull back towards $250. That is not the case and it was the wrong assessment.

amazon

Mike

This article first appeared on Mott Capital.

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