Stocks are pointing higher early on the morning of June 2, can they continue to push even higher?

Stocks Are Ready To Climb Once Again on June 2

June 2, 2020

Stocks – GOOGL, AMZN, BA

Macro – QQQ, DXY, COPPER

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN GOOGL

MIKE’S READING THE MARKET PREMIUM CONTENT $35/MONTH OR $300/YR– 

Stocks are pointing higher once again with the S&P 500 trading up about 60 basis points. The momentum trade continues, with copper rising as well. Interestingly copper is now approaching the upper end of its trading channel.

copper

But to this point, the Qs are not ready to get to the upper end of their channel. I’m just not sure what that may mean at this point.  Will the correlation break if copper starts to reverse, or will falling copper take the Qs with it? We will need to watch it.

qqq

Dollar

Meanwhile, the dollar index continues to melt, reaching its lowest level since the middle of March.

dollar index

Boeing (BA)

Boeing is testing resistance at $158. It is its second attempt to break above $158, and if it can, it likely pushes higher towards $183.

ba, boeing

Alphabet is consolidating around $1430, and the RSI still has a little bit further to rise. A break out sends the stock back to $1498. 

googl,

Amazon (AMZN)

Amazon’s stock bounced back some yesterday, and if you are a bull you need this one to keep powering higher. However, the RSI still diverges lower. So take it to me what you want. 

amazon, amzn

Have a good one

-Mike

Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.