Stocks Manage to Push To Close At Record Highs On July 1

Stocks had a nice on July 1 after they went through the usual routine of gapping higher, drifting lower, and then rising into the close. It seems to be a pattern that continually repeats itself.

S&P 500 (SPY)

The good news is that the S&P 500 held support at 2,950 on its first attempt. I expect that level will continue to hold in the future. I do believe that the S&P 500 is set up for a rise to around 3,300 by some time this fall. I get into more in a premium video but will have details later this week.

S&p 500, spx

S&p 500, spx

Russell (IWM)

We can see the same thing happened in the Russell 2000 chart as well. It is always very good to know the forces we are up against.

russell, 2000

russell, 2000

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

Micron had a good July, but like the broader market, it too pulled back. MUWealth Strength IndexAAPL is Extremely Up and trending Up has risen a lot recently. MUWealth Strength IndexAAPL is Extremely Up and trending Up managed to close below resistance at $40.25 after breaking above it earlier in the day. That could be a bearish sign which suggests the stock declines.

micron, mu

micron, mu

Roku (ROKU)

Roku managed to open the day right at resistance, but we stopped in its track. Further evidence that ROKU is likely to head lower.

roku, roku

roku, roku

Alibaba (BABA)

Alibaba managed to hang on to its gains and is trending higher towards $182.

alibaba, babaf

alibaba, babaf

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

Amazon seems it is getting ready to take its next leg higher, but it is likely a few days until that happens.

amazn, amzn

amazn, amzn

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

Netflix is inching closer to a break out at $379. It seems to be coming.

nflx, netflxi, stock july 1

nflx, netflxi, stock july 1

Mike

This article first appeared on Mott Capital.

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