Home » Can The Stock Market Make It 3 Up Days In Row on June 6

Can The Stock Market Make It 3 Up Days In Row on June 6
The stock market and the S&P 500 will try to make it three up days in a row, and that means there may be a showdown at a colossal resistance level.

Can The Stock Market Make It 3 Up Days In Row on June 6

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

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June 6, 2019 – Stock Mentions: SPY, AAPL, TSLA, AMD, MU, C

The Fastest Reading Morning Commentary on Wall Street 

Michael Kramer and the clients of Mott Capital own TSLA, AAPL

US Markets

  • S&P Futures +7
  • US 10yr  – 2.1%
  • VIX 16.04
  • Dollar Index 96.93
  • Oil $52.13

Intl. Markets

  • Japan Nikkei -0.01%
  • China Shanghai -1.17%
  • Hong Kong HSI +0.26%
  • South Korea KOSPI +0.10%
  • Germany DAX +0.20%
  • UK FTSE +0.57%

S&P 500 (SPY)

The stock market is sets to open higher once again on June 6,  setting up a potential showdown with resistance at 2,836 on the S&P 500. However, given the sharp rise in the index, support comes at 2,812 and then the downtrend, which has fallen to around to a range of 2,800 –>2,794.

I think the first test may be difficult to break out.

spx, sp500

Apple (AAPL)

Apple may continue to rise today after it was initiated at Evercore with an Outperform and $205 target. The next level of resistance comes at $195 first.

apple, appl

AMD (AMD)

AMD was upgraded at Morgan Stanley to overweight from underweight and $28 target. I saw some bullish call activity for the June 21 $35 strike price. The open interest rose today by almost 14,000 contracts to a total of almost 22,000. A buyer of the calls needs the stock to rise to around $35.20 by expiration.

The next big test for AMD comes at $31.40.

amd

Tesla (TSLA)

Demand issues at Tesla? Not based on the latest info from Electrek. According to the website, the company is aiming to make 66,000 deliveries in North America alone. A rise above $205 takes the stock to $225. The stock is challenging $205 already in the premarket. I guess Alexa was right. 

tsla, tesla

Micron (MU)

Micron is likely to struggle as DRAM prices continue to slide, according to DigiTimes.  A drop below $32.50 sets up a decline to $29. One has to wonder if management will need to revise its second-half outlook when they report results. It would sound like it.

micron, mu

Citigroup (C)

Watch Citigroup today. The stock is stalling out around $66. If it rises above $66, it can move up to $70. If it can’t, it goes back to $61.  I think it goes back to $61.

c

ECB stuff in the afternoon write-up.

-Mike

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