The Long Awaited Stock Market Break Out Has Finally Arrived

August 30 – Stocks SPY, TLT, TSLAWealth Strength IndexTSLA is Moderately Flat and trending Up, NFLXWealth Strength IndexNFLX is Moderately Flat and trending Down, AAPLWealth Strength IndexAAPL is Extremely Up and trending Up, MSFTWealth Strength IndexMSFT is Extremely Flat and trending Up, GE

Michael Kramer and the clients of Mott Capital own TSLAWealth Strength IndexTSLA is Moderately Flat and trending Up, NFLXWealth Strength IndexNFLX is Moderately Flat and trending Down, AAPLWealth Strength IndexAAPL is Extremely Up and trending Up, and MSFTWealth Strength IndexMSFT is Extremely Flat and trending Up

US Markets

  • S&P 500 Futures +19 Points
  • VIX 17.30
  • US 10-Year 1.53%
  • Oil $55.89
  • Dollar Index 98.56

International Markets

  • HSI +0.08%
  • Nikkei +1.19%
  • Shanghai -0.16%
  • KOSPI +1.78%
  • FTSE +0.72%
  • DAX +1.19%

S&P 500 (SPY)

Stocks are on the rise today with the S&P 500 pointing to a higher opening. The Futures are showing that S&P will rise above our infamous level of resistance at 2,935. As I talked about in yesterday’s video segment, it should now become a powerful level of support in the future.

S&P 500, spy

S&P 500, spy

It means that the next level of resistance comes at 2955 and then again at 2975.

S&P 500, spx

S&P 500, spx

VIX (VIX)

At least at the moment, the market has everything working its favor, with the VIX now dipping below 17.5.

vix

vix

US 10 Year

Plus we have the US10Y nearing an increase above 1.54%.

us10y

us10y

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

Tesla is breaking out this morning on the news its cars will be exempt from the China auto tax. The stock is breaking out of its falling wedge, and above resistance at $225. It means the stock now has a path higher towards $250.

tesla, tsla

tesla, tsla

Netflix (NFLXWealth Strength IndexNFLX is Moderately Flat and trending Down)

Netflix will try to break out today and rise above $300. I think it sets up that move to $320 we have been waiting for.

netflix, nflx

netflix, nflx

GE (GE)

GE is rising this morning, but resistance is around $8.25. I think it fails there and begins its declines to $7.60.

ge

ge

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

Apple is breaking out today rising over $210, and now shares could be on their way to $217

Apple, aapl The stock market is breaking out on August 30, with the S&P 500 taking out what has been a massive level of technical resistance at 2935.

Apple, aapl The stock market is breaking out on August 30, with the S&P 500 taking out what has been a massive level of technical resistance at 2935.

Microsoft (MSFTWealth Strength IndexMSFT is Extremely Flat and trending Up)

Microsoft is also taking out the downtrend and will challenge resistance at $141.

microsoft, msft The stock market is breaking out on August 30, with the S&P 500 taking out what has been a massive level of technical resistance at 2935.

microsoft, msft The stock market is breaking out on August 30, with the S&P 500 taking out what has been a massive level of technical resistance at 2935.

Have a great Friday, and see you over the weekend

-Mike

This article appeared first on Mott Capital Management.

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