- S&P 500 Futures +9
- US 10-Year Treasury 2.12%
- Oil $52.61
- VIX 15.92
- Dollar Index 96.97
- Japan Nikkei -0.46%
- China Shanghai +0.05%
- Hong Kong HSI -0.05%
- South Korea KOSPI -0.27%
- Germany DAX +0.47%
- UK FTSE +0.24%
US Trading for June 13 – A Break Out?
The S&P 500 is pointing to a higher opening for June 13 and potential break out. The chart on the Emini S&P 500 futures is suggesting the S&P 500 is breaking out rising above the downtrend and upper end of the trading channel. It will be necessary for the cash market to confirm this break out to start the day. It at least sets up the opportunity to challenge Tuesday’s highs.
Russell 2000 (IWM)
A higher opening today should help to lift the Russell beyond 1,521 on June 13. See my video from yesterday on why this a break out is so important: 2 Big Indicators To Watch
Netflix is pointing to a higher opening. NFLXWealth Strength IndexNFLX is Moderately Down and trending Down is starting to license some of its brands for making video games. It certainly could open a new revenue stream for the company. But NFLXWealth Strength IndexNFLX is Moderately Down and trending Down has gone nowhere for some time. $360 has been a the upper end of the range lately.
Amazon has broken the downtrend and has held support firmly around $1850. The next level to look for in AMZNWealth Strength IndexAMZN is Moderately Flat and trending Down is $1900.
Apple is also challenging a break out on June 13, as it rises above resistance at $194.80.
AMD has been holding support around $32.20, and that will give the AMD a chance to retest to $34.50 on June 13.
Beyond Meat (BYND)
Beyond Meat, I still think this goes back to $100 to start. The cost to shares had a rate of 126% on June 12. Hey, that is better than the 179% on June 10. These things never end well; they don’t. Just say to yourself – “It’s not different this time” repeat as needed.
Have a great one
This article first appeared on Mott Capital.
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