June 27- Stock Mentions SPY, IWM, BA, AAPLWealth Strength IndexAAPL is Extremely Flat and trending Down, NVDAWealth Strength IndexNVDA is Extremely Flat and trending Down, BABA, AMD
Michael Kramer owns IWM Calls
Michael Kramer and clients of Mott own AAPl
- S&P 500 +3 points
- US 10-Year 2.04%
- Oil $58.70
- Dollar Index 96.22
- VIX 16.20
- Japan Nikkei +1.19%
- China Shanghai +0.69%
- Hong Kong HSI +1.42%
- South Korea KOSPI +0.59%
- Germany DAX -0.13%
- UK FTSE -0.41%
The big news came last night when the SCMP reported the US and China agree to a tentative truce before the G20 summit. The story is helping to lift the S&P 500 futures.
South Korea KOSPI
The KOSPI had a good night and is flirting with a break out at 2,136. Why do we care about the KOSPI? Well, when we overlay a chart of the Russell 2000, we can see the similarities.
The Russell is in orange, and the S&P 500 is blue. We can see how closely the Russell is tracking the KOSPI. We can also see how the S&P 500 has outperformed.
S&P 500 (SPY)
The S&P 500 futures are pointing to a flat opening on June 27, with the sharp pullback around at 6 am, following Boeing news. From a technical standpoint, we can see the break above the downtrend, and the retest of the breakout. If the break out holds the index’s next level of resistance comes around 2,940.
The chart below shows Boeing is falling sharply and testing the long-term uptrend at $350. I had previously thought that Boeing might continue to rise towards $400, but headline risk continues to be the biggest problem with the stock.
Alibaba is rising today some and continues to be pointing higher towards $179. BABA plans to raise $10 billion Hong Kong IPO.
Nvidia continues to advance, and this morning it is rising above resistance at $160. NVDAWealth Strength IndexNVDA is Extremely Flat and trending Down may be heading to $178.
Apple is also trending higher towards $209, as the trade truce or deal would greatly help to lift AAPLWealth Strength IndexAAPL is Extremely Flat and trending Down.
AMD is still facing lower prices as the stock continues to see a stiff downtrend at $30.70.
Have a good one, see you on the other side.
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