June 26, 2019 – Stock Mentions: SPY, MU, TSLA, BABA, INTC, QCOM
Michael Kramer and the clients of Mott Capital own TSLA
- S&P 500 +15.5 points
- 10-Year US Yield 2.03%
- VIX 15.74
- Oil $58.84
- Dollar Index 96.27
- Japan Nikkei -0.51%
- China Shanghai -0.19%
- Hong Kong HSI +0.13%
- South Korea Kospi +0.01%
- Germany Dax +0.60%
- UK FTSE +0.11%
Stocks For June 26
S&P 500 (SPY)
S&P 500 futures are trading higher on June 26 after Treasury Sec. Mnuchin made some positive comments on trade talks with China. It doesn’t sound like anything new to me. So be careful trading around this news.
There was a lot of damage down yesterday on the charts, and so today’s rally faces several challenges. You can see in the E-mini’s that there are now two downtrends and a resistance level at 2,943. It will not be easy to regain the positive momentum we saw last week.
Micron is spiking by about 10% following its results. However, the path higher is not easy from here, as MU needs to get over resistance at $36.40. I still believe MU can work towards $38.70.
Tesla is continuing to battle resistance at $225 and may receive a boost after a “leaked” email shows the company is near a record quarter.
$225 is the battleground for TSLA because of resistance and the downtrend. However, we can see the falling wedge pattern, and that is a bullish reversal pattern. I continue to believe TSLA is heading towards $250 and potential higher.
The Chinese Yuan has been strengthening in recent days, and that should be positive for Alibaba. BABA been consolidating nicely around $166 and could be on its way back to $179.
Intel appears it too is getting ready to break out and rise towards $49.
QCOM continues to work its way towards $76.50
Good Luck today!
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