S&P 500 (SPY)
Stocks paused yesterday with the S&P 500 falling 20 basis point to 2,731. It would seem the index is getting ready to break out tomorrow and push on towards 2,800 over the coming days.
Russell 2000
The Russell 2000 has a similar setup and appears it is gearing up for a rise too.
Semis (SMH)
SMH were hot again yesterday, and to some degree, I’m beginning to think that the group needs to cool off some or at the very least consolidate.
Skyworks (SWKS)
Skyworks Solutions Inc (NASDAQ:SWKS) was the big winner yesterday rising to resistance around $88. The RSI is overbought, and so a pullback to $81 would be welcomed and would allow the stock the ability to continue to climb without overheating.
Micron (MU)
Micron Technology Inc (NASDAQ:MU) is now at an inflection point because the stock is at the upper level of resistance at $42. The trend in the RSI is also higher, but again we need to some consolidation in this region between $40 and $42, that would be ideal.
SNAP Inc (SNAP)
Snap Inc (NYSE:SNAP) surged yesterday after posting better than expected results. I can’t remember the last time that happened. Anyway, the stock traded up to around $8.90 and stopped, not the direction I was expecting. My feeling is that stock refills that gap back to $7.30, but I was wrong once.
Chipotle (CMG)
Chipotle Mexican Grill Inc (NYSE:CMG) is trading higher after it posted better results after a bunch of adjustments. Another one I got wrong. I had looked for a decline, clearly not what is happening.
Nexflix (NFLX)
Netflix Inc (NASDAQ:NFLX) had an ok day, down slightly, but more important is that it is managing to hold on its recent gains. The trend is still higher at this point, but resistance at $360 is proving to be difficult.
Amazon (AMZN)
Amazon.com Inc (NASDAQ:AMZN) continues to struggle and is hanging on at support around $1,620. The trend in both the stock and RSI is lower, and I still think the stock heads lower.
Disclaimer: Michael Kramer and Clients of Mott Capital own SWKS, NFLX.