Stocks Are Set To Rise on October 9 as Trade Optimism Brightens

October 9- Stock mentions: SPY, ROKU, TSLAWealth Strength IndexTSLA is Moderately Flat and trending Up, NVDAWealth Strength IndexNVDA is Extremely Flat and trending Up, TWTRWealth Strength IndexTWTR is Extremely Down and trending Down AMZNWealth Strength IndexAMZN is Extremely Flat and trending Up

Michael Kramer and the clients of Mott Capital own TSLAWealth Strength IndexTSLA is Moderately Flat and trending Up

US Markets

  • S&P 500 Futures +24 points
  • US 10-Year 1.56%
  • Dollar Index 99.04
  • Oil $53.15
  • VIX 19.1

International Markets

  • Shanghai +0.39%
  • HSI -0.91%
  • Nikkei -0.61%
  • Kospi +1.21%
  • DAX +0.87%
  • UK +0.47%

MACRO

S&P 500 (SPY)

Stocks are rising this morning on positive headlines around trade talks between the US and China. The result, S&P 500 futures are bouncing back sharply from yesterday’s decline. We can see that the futures continue to trend higher and again are bouncing off that uptrend once again.

S&P 500, spy

S&P 500, spy

Soybeans

Soybean prices are breaking out this morning, rising above resistance at $9.13. Certainly, a good sign that perhaps some parts of the markets are expecting something positive to come from the latest round of US/China trade talks.

sobeans

sobeans

STOCKS

Roku (ROKU)

Roku is rising today after it was upgraded at Macquire to Outperform from Neutral while raising its price target to $130 from $110. The stock has managed to hold on to support at $100 and is now breaking the downtrend, which opens the possibility for the stock to rise to $122.

roku

roku

Nvidia (NVDAWealth Strength IndexNVDA is Extremely Flat and trending Up)

Nvidia received some positive comments from Piper Jaffray, and the stock is rising some on those comments. Again $178 is the level that needs to hold for the stock to push higher.

Nvidia, nvda

Nvidia, nvda

Tesla (TSLAWealth Strength IndexTSLA is Moderately Flat and trending Up)

Tesla appears to be consolidating in a symmetrical triangle, and that means the stock’s next move may be higher towards $253.

tesla, tsla

tesla, tsla

Twitter (TWTRWealth Strength IndexTWTR is Extremely Down and trending Down)

Twitter has that falling wedge pattern, and if it can manage to get above $40.50, perhaps it can make that move towards $43.

twitter, twtr

twitter, twtr

Amazon (AMZNWealth Strength IndexAMZN is Extremely Flat and trending Up)

If Amazon can hold on to this support level at $1700, perhaps it can make its way back to $1770.

amazon, amzn

amazon, amzn

 

Have a good one

-Mike

This article appeared first on Mott Capital Management.

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