S&P 500 (SPY)
Stocks continue to churn, going nowhere fast. We have now recouped all of the losses on the S&P 500 from the end of last week. The index finds itself in the familiar place of being stuck right around 2,800. The chart below shows again how the S&P continues to struggle.
Overall, we going to take some of news or event to trigger a sharp rise or a pullback in the market. Every dip to this point has been met with aggressive buying, while every attempt to get meaningfully over 2,800 has failed since the middle of February.
The Russell is slowly rising, with support at 1,540 and resistance at 1,562. It is hard to deny that overall trend does look lower. Just sayin’.
Technology names look pretty strong with the XLK nearing a potential break out should it rise above $73. The chart looks way better than the S&P 500 and Russell that’s for sure.
Chipotle had a sharp 2.25% rise today and may have finally signaled that break many had been looking for. The stock may be on its way to around $670.
Alphabet is breaking out, and the stock is coming to life with the next region of resistance around $1,225.
JD shares are rebounding after pulling back last week to around $26. It wasn’t an unexpected move lower given the stocks rapid rise. The shares would seem to be back on its way back to $29.50
Boeing continues to struggle as more countries ground the 737 MAX 8. For now, $371 continues to hold firm. The question is for how much longer? A break below the $370 level does send the stock sharply lower, to around $330.
Amazon continues to battle this overall downtrend, and to this point, it still hasn’t been able to rise above it.
Facebook continues to struggle at resistance as well and has been unable to rise above $173. My view has been for the stock to fill the gap at $148.
That is going to be it for today. I Wish I had something more constructive to say, but I just don’t. Some days just go that way.
This article first appeared on Mott Capital.
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