Home » Stocks Stall on June 11 Snapping 5 Day Winning Streak – Time To Worry?

Stocks Stall Out Snapping 5 Day Winning Streak - Is It To Worry?
The S&P 500 snapped its five-day winning streak on June 11, but don't worry stocks likely still have further to climb in the day ahead.

Stocks Stall on June 11 Snapping 5 Day Winning Streak – Time To Worry?

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June 11 – Stock Mentions: SPY, IWM, AAPL, JD, FB, LLY, NFLX

Michael Kramer and the clients of Mott Capital own AAPL and NFLX

It wasn’t the greatest of days; it wasn’t the worst of days; it was a “happy we finished the day without too much damage” type of day. The S&P 500 gapped higher at the open, and it didn’t take long before the Algo’s kicked into high gear and started to fill that gap. First, they filled today’s gap; then, they filled a second gap from yesterday’s open. The good news is that support at 2,884 held and that we find ourselves in the same place we finished yesterday. The bad news is that the uptrend we had been riding higher is broken.

S&P 500 (SPY)

The broken trend doesn’t seem like a “big deal” to me at this point as it was only short-term. We did rise to about 2,911 on the opening, putting us “basically” at the 2,915 I had been looking. Although, I shall admit it was not in the form in which I wanted to see us hit that level.

When looking closely at the chart, we can see what seems to be a triangle or a continuation pattern. It may be suggestings that the S&P makes a second attempt at 2,915 tomorrow with the potential to rise over it.

S&P 500, spx

Russell 2000 (IWM)

The Russell appears to be reflecting a similar type of pattern, so we will have to wait now and see what happens next

russell, 2000

Apple (AAPL)

Apple looks like it is in a solid position to continue to rise as well, with a rising triangle pattern. It would indicate to me that AAPL can increase towards $198.

apple, aapl


JD.com had a nice move higher today, and there could be further for JD to rise. I wrote up a premium article on JD on June 11. I noted that JD may be moving back towards $29.50. (Premium Article: JD.Com: Bullish Betting Suggest The Stock Rises)


Eli Lilly (LLY)

Eli Lilly’s has broken down, and I think it may be about to get worse. LLY broke support on June 11 at $114, and I think that means LLY falls to around $104.  I haven’t followed this one in some time.

eli lilly, lly

Facebook (FB)

Facebook is trying to break its downtrend, and so far, no luck. Should FB climb above the downtrend and resistance at $180, FB could climb to $186.

facebook, fb, stocks

Netflix (NFLX)

Netflix has primarily gone nowhere since March of 2018, and I’m starting to wonder if the bull case has been fully priced in. The company has delivered strong subscriber growth results quarter after quarter. I’m just wondering why NFLX is stuck, and that is starting to make me nervous.  The RSI is trending lower still, although for the first time, it didn’t make a new low, and that could suggest the tide is about turn. But I will need to do more work on this stock.

netflix, nflx, stocks


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