- S&P 500 Futures +14 points
- US 10-Year 2.17%
- Dollar Index 96.76
- Oil $53.64
- VIX 15.59
- China Shanghai +2.58%
- Hong Kong HSI +0.76%
- Japan Nikkei +0.33%
- South Korea KOSPI +0.59%
- Germany DAX +1.32%
- UK FTSE +0.49%
S&P 500 (SPY) Pointing to Higher Opening on June 11
The S&P 500 is pointing to a higher opening again on June 11. For now, the SPY ETF is trading back to yesterday’s highs, and if the rally holds, it seems that 291.50 is the next level of the ETF to reach.
The 10-year US Treasury is rising above resistance at 2.14%, and that could be setting up an increase to 2.31% over the next few weeks. The overall trend is still lower, so this rise in yields seems more like a bounce than a change of direction.
Intel has started showing significant improvements in recent days and it begins to look as if INTCWealth Strength IndexAAPL is Extremely Up and trending Up can rise to around $50.70.
Broadcom will report results later this week, and the stock is nearing a potentially big break out at $290. It may be setting up an increase in AVGOWealth Strength IndexAAPL is Extremely Up and trending Up to around $307.
Micron is also on the move higher on June 11, and $36.40 appears to be the level that MUWealth Strength IndexAAPL is Extremely Up and trending Up is heading too. A rise above $36.40 could be creating an opportunity for further increase, as it would likely form a bullish double bottom technical pattern.
Apple tried to and failed to break out yesterday. But today AAPLWealth Strength IndexAAPL is Extremely Up and trending Up will again get the opportunity to challenge resistance at $195. $199 will be the level to look for if Apple can get above $195 today, which I think it will.
Amazon is rising again this morning, and $1905 seems more and more likely with the potential to increase to around $1966.
Have a great day!
This article first appeared on Mott Capital.
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.