S&P 500 (SPY)
The S&P 500 went nowhere on March 14, literally. On the bright side, we didn’t give back yesterday’s gains. On the not so bright, the S&P 500 still hasn’t broken out.
I hesitate to say this because my last few calls have been so off, but I shall. The current setup in the chart is what appears to be a symmetrical triangle. That would be a continuation pattern, and it would suggest that the S&P 500 rises above 2,812 and that would indeed trigger a breakout on March 15. What’s the saying; if at first you don’t succeed, try, try again!
If you don’t like my flip-flopping lately do me a favor and keep your comments to yourself. No emails and complaints, just unsubscribe and stop reading. Not an issue. Go start your own commentary and tell me how you do, with no audience or followers on top of it. Not easy.
Oil did break out today rising above $57.80. It sets up a potential move now to around $61.70.
Copper is consolidating and testing its uptrend today. To this point, that trend has held firm and could send the metal back towards $3.01.
Facebook continues to struggle. As long as the negative headlines continue it makes it hard for the stock to continue to rise. The level around $173 has become a brick wall, and Facebook can’t get through it.
More bad news for Facebook is hitting tonight, with it’s Chief Product Officer leaving the company. I think there is a good chance this stock does fill that gap at $148, over time.
Amazon continues to struggle at the downtrend, it just can’t break out. I talked about a few things I am seeing that gave me some optimism today. The stock is nearly impossible to call lately. I’m doing my best, I promise. Amazon Is Nearing A Break Out
Apple increased today rising above $182 for the first time in forever. We can see the stock’s RSI is now overbought and the best thing that could happen is for the stock to consolidate at these prices.
Broadcom reported what looks like solid results. Additionally, the company reaffirmed its full-year guidance of $24.5 billion, which is better than consensus of $24.36 billion. A non-event. The fact that the company didn’t guide down is a good thing. I’m curious why they didn’t give fiscal second quarter guidance, but perhaps that comes on the call?
The stock is heading towards its all-time highs. I guess I get things right every once in a while.
Chipotle continues to climb and is heading on towards $670.
Tesla will unveil the Model Y tonight. I couldn’t tell you what to expect. I just know that Model 3 production continues to ramp up and is approaching 6,000 per week. I will tell you that, I trust Bloomberg’s data on this topic better than any sell-side analyst, that is for sure.
I will take a look at ULTAWealth Strength IndexULTA is Extremely Flat and trending Down tomorrow morning.
This article first appeared on Mott Capital.
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