Levels To Watch, Midday Update For April 5
I wrote in the commentary last night the next test for the S&P 500 would come at 2,675, and today it got to a touch below, before pulling back some. There is a gap that needs to be filled at 2,647, so don’t lose hope should the rally retrace back to 2,650 over the balance of today.
The VIX has fallen below support at 20, and it is likely heading lower towards 18.
The technology ETF XLK is continuing to breakout and is stalling for now at resistance around $66. A rise above $66, sends it on quickly to $67.
Netflix shares have broken out over $295, and I think that leads to further gains.
I drew in a new resistance line in Facebook at $161, and that to this point has held shares from breaking out further. A rise above $161.50, likely pushes it on towards $166.
Tesla shares have rocketed higher, but $303.50 is going to be a critical level to watch. That level served as strong support level for a long time, and now it will act as significant resistance levels. Its need to get over $304.
Amazon is back above $1440, and a sizeable gap to fill back to near $1500.
Yeah, Micron got a downgrade today, but look at that chart, right back to support at $49.75. It is holding, that is a positive.
See you tonight!
Michael Kramer and the clients of Mott Capital own NFLX, TSLA
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