Stocks popped today, with the S&P 500 rose on Wednesday by nearly 40 basis points, to 2,887. That chart shows clearly the break out from the previous week’s downtrend. It bounced where it should at 2,872. I think the S&P 500 should attempt to reach 2,930 over the next few days.

Technology

Technology had a solid bounce as well, with the XLK ETF jumping by 85 bps. Again, this ETF continue its trend higher as well. I think we can to advance higher, one towards in $80, for the technology ETF. That is a rise of about 7.5 percent from its current price around $74.50.

Apple

Apple bounced right where it should have at roughly $217, and moved higher today by over 2.5 percent. I think Apple makes a move to around $230 in the days after the iPhone event tomorrow.

Facebook

Even Facebook showed encouraging signs, with the stock bouncing off support around $159.50. But now shares need to work higher, above this current resistance level around $166. If can it, it runs to $173; if it can’t, it goes back to $159.50. It is that simple at this point.

Semis

One group that needs to get its act together are the semis. They have acted particular bad. When diving into some of these Apple suppliers, they are getting crushed. You would never know that Apple was getting ready to ship up to 75 million iPhones between now and year-end.

Skyworks

Skyworks is one such stock basically at its lowest point since January of 2017. I always feared the stock would refill that giant gap created in January of 2017. It looks like that is now what it is doing. If Apple is supposed to sell the most iPhone since the iPhone 6, I don’t see how Skyworks will not be a significant beneficiary of that.

Qorvo

Qorvo is another stock that is struggling and looks like it is going lower too. Perhaps to $65.

Biotech

What happened to the biotech’s and that “massive” break out? This group is sucking wind lately.

Celgene

Over the weekend, I said Celgene could fall to $86.5, and it got there awful fast. But the good thing is that held.

Gilead

Gilead is hanging on for its dear life at $72.50. I don’t like the way this one looks one bit.

Netflix

Netflix is on the rebound. The stock is acting well. I will say it again, a rise above $357, likely send shares to around $400. It didn’t happen the last time, but maybe it happens this time? It would be nice.

China

Things could be about to get a lot better or worse for Chinese stocks. As the Shanghai composite comes down to technical support, is it a double bottom or will it fall through support? I guess we find out soon enough.

-Mike

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Michael Kramer is the Founder of Mott Capital and the creator of Reading the Markets.

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