Stocks Rally on June 5
Stocks continued to rally on June 5, and it appears that the S&P 500 broke out with index rising above the May downtrend and crossing resistance at 2,812. That sets up the next big test at 2,836, which could prove to be a challenge. However, given how steep and powerful the downtrend has been, I believe that 2,836 will likely be broken.
Semis (SMH)
If I must complain, it is that semis paused today. However, they managed to test and hold support at $100.80. So I believe that the rally is likely to continue tomorrow.
Apple (AAPL)
Apple (NASDAQ:AAPL) continues to act well rising above resistance on June 5 at $182 and holding it all day long. I had noted on June 3 in my premium room AAPL appeared to be poised to rebound to around $195.
Nvidia (NVDA)
NVIDIA Corporation (NASDAQ:NVDA) also broke out and managed to rise above resistance on June 4. Today, the stock retested that break out at $139, and it held. I think NVDA is getting ready to move higher back to $150.
Cisco (CSCO)
Cisco (NASDAQ:CSCO) may be putting in a double bottom, but we need to see it rise above $57.25 to confirm. That could be a very bullish indication for CSCO.
Roku (ROKU)
Roku Inc (NASDAQ:ROKU) hit our target around $102 and now we need to think about what happens next. There is a good chance Roku fills the gap back at $93.
Square (SQ))
It had looked like Square Inc (NYSE:SQ) was finally breaking down, but it managed to survive. I had thought SQ could fall to around $56. But I’m not sure anymore. The chart is tough to interpret at this point. So I will have to watch and see how it develops before making any more assessments.
