Turnaround Tuesday Is In The Works For Stocks on August 13

US Markets

  • S&P 500 -0.5 points
  • US 10-Year 1.63%
  • Oil $54.70
  • Dollar Index 97.44
  • VIX 21.40

International Markets

  • Shanghai -0.63%
  • Nikkei -1.11%
  • HSI -2.1%
  • KOSPI -0.85%
  • DAX -0.97%
  • FTSE -0.53%

Stocks in the US are pointing to a slightly lower opening on August 13. The S&P futures have been steadily rising since 5:30 am. When I last wrote, I had noted that a falling wedge pattern had formed in the S&P 500, and that was likely to lead to a rebound in the index.  At this point, it is worth noting that the index can fall to around 2,872 and still have the break out remain in place. The short-term bullish scenario, as described yesterday, has not changed.

S&P 500, spx

S&P 500, spx

Yields

There are signs that yields may be heading higher from here. Yes, higher. It seems like the German 10-year is the leader for yields around the globe, and it is suggesting yields rise. You can see in the chart below that German 10-year could rebound and rise towards negative 40 basis points from its current negative 60 basis points.

german 10-year

german 10-year

Silver (SLV)

The Silver ETF is on the rise again, and it is moving closer to that break out I noted last night at $16.50. Should the ETF rise above that level of resistance it could move up to $17.25. Premium content: Betting That Silver Continues To Rise

silver, slv

silver, slv

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

Micron broke out yesterday following some positive comment from the CEO at a financial conference. The stock is likely heading towards $44.

micron, mu

micron, mu

AMD (AMD)

AMD is sitting on support at $32.30. Should the stock fall below that price it is likely on its way back towards $31.40 then $29.40.

amd

amd

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

Apple needs to hold support at $198.50 to avoid a further decline to around $194.

apple, aapl Stocks will attempt to turnaround on Tuesday, August 13, following a steep sell-off on Monday, what to watch SLV, <a href=JDWealth Strength IndexAAPL is Extremely Up and trending Up, AMD, MUWealth Strength IndexAAPL is Extremely Up and trending Up, AAPLWealth Strength IndexAAPL is Extremely Up and trending Up" width="1188" height="539" data-lazy-type="image" />

apple, aapl Stocks will attempt to turnaround on Tuesday, August 13, following a steep sell-off on Monday, what to watch SLV, <a href=JDWealth Strength IndexAAPL is Extremely Up and trending Up, AMD, MUWealth Strength IndexAAPL is Extremely Up and trending Up, AAPLWealth Strength IndexAAPL is Extremely Up and trending Up" width="1188" height="539" />

JDWealth Strength IndexAAPL is Extremely Up and trending Up (JDWealth Strength IndexAAPL is Extremely Up and trending Up)

JDWealth Strength IndexAAPL is Extremely Up and trending Up.com is rising after delivering better than expected quarterly results. Resistance for the stock is currently approximately $29.40.

jd Stocks will attempt to turnaround on Tuesday, August 13, following a steep sell-off on Monday, what to watch SLV, <a href=JDWealth Strength IndexAAPL is Extremely Up and trending Up, AMD, MUWealth Strength IndexAAPL is Extremely Up and trending Up, AAPLWealth Strength IndexAAPL is Extremely Up and trending Up" width="1188" height="539" data-lazy-type="image" />

jd Stocks will attempt to turnaround on Tuesday, August 13, following a steep sell-off on Monday, what to watch SLV, <a href=JDWealth Strength IndexAAPL is Extremely Up and trending Up, AMD, MUWealth Strength IndexAAPL is Extremely Up and trending Up, AAPLWealth Strength IndexAAPL is Extremely Up and trending Up" width="1188" height="539" />

Have a great day.

-Mike

This post first appeared on Mott Capital.

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