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

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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 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.


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.


ECB stuff in the afternoon write-up.


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