S&P 500 (SPY)
The S&P 500 was hanging around resistance in the 2,880 to 2,885 zone on June 12, not able to crack 2880. I think I redrew the chart about five times throughout the day. Each time in search of the trend. Right now, it is pretty simple because that trend is lower.
I have settled on this trading channel. It could be the start of a bull flag, maybe. It’d be great if it were, it would mean the S&P 500 is on pace to rise to 3,040. As of right now, it may only be wishful thinking.
However, if it is the case that it is a bull flag forming there are signs that it could break out tomorrow, based on the Russell chart below.
NASDAQ (QQQ)
We can see there is a very similar pattern that as formed in the QQQ.
Semis (SMH)
I think the Semis may be secretly sending us a black swan message. Like the bond markets two weeks ago that was sending the smoke signal of an imminent recession.
Well, maybe it looks more like a bird or duck then a swan.
Russell (IWM)
The Russell got held up on June 12 at 1521, and this index has to break out. You can see the setup — uptrend+breaking of downtrend = breakout above 1,521.
Let us hope it does on June 13.
Apple (AAPL)
Apple Inc (NASDAQ:AAPL) is trying to break out at $195, and there is a good chance that happens tomorrow if we can get that break out on the indexes. Or better yet, maybe AAPL leads that breakout! Now that’s a thought!
Broadcom (AVGO)
Broadcom Inc (NASDAQ:AVGO) reports results on June 13, and what they say is pretty essential on several levels. AVGO filled the gap fast then I thought. It tough to say where AVGO goes after earnings now. I’m thinking the momentum favors AVGO rising.
Tesla (TSLA)
Tesla Inc (NASDAQ:TSLA) couldn’t get over $225 on June 12, but I think it shall. The trends are shifting, and momentum is shifting. We will see what happens in the next day or two. There may even be a “leaked” email or two over the two weeks to help, who knows! The quarter end push is quickly approaching.
Square (SQ)
Square Inc (NYSE:SQ) looks like it is getting ready to go to $75. It has consolidated the last two days nicely.
Snap (SNAP)
Snap Inc (NYSE:SNAP) is starting to see some bullish momentum and it could be on its way to $16.
