Michael Kramer and the clients of Mott Capital Own ACAD, AAPL, and NFLX
Mid-Morning Update As of 11:15 AM
Stocks are bouncing to the start the day with the S&P 500 rising about 1.4% to 2,670. The big test for the index will come should it rise above 2,672, which could lead to a rise to 2686: nothing overly exciting, but a step in the right direction.
The NASDAQ has cleared a key hurdle at 7026 and could have room to rise to around 7,176.
The Russell has also cleared 1506 and could be on its way to 1522.
Some positive trends developing in the broader indices, but these trends need to continue and can’t fail late day. So I am suspect until proven otherwise.
Technology stocks are also nearing a break out should the XLK ETF rise above $65.50.
Amazon is setting up for a test of resistance at $1620. The stock broke a short-term downtrend.
Netflix is also seeing a bounce off of its long-term uptrend and is now breaking a down. A rise over $272 sends it on to $285. I more in-depth commentary in the premium area here: Netflix Stock May Rise 15%
Apple is trying to rally, but it is struggling. The stock still has to get over $180, for a bullish trend to form. Otherwise, I think it still needs to fall to $164.
Alibaba continues to rally, I think for now $166 is in play and within reach.
Exelixis was in yesterday’s write-up, and the stock continues to try to break out, a big positive for the biotech sector.
Acadia is staying above $18.50, and it seems like it can continue to $21.50.
Positive all around, but again we need to close at or above many of these levels for trends to form.
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AMAZON, NETFLIX, STOCKS, ALIBABA, APPLE