Russell 2000 (IWM)
The small-cap stocks had a monster June 27, with the Russell 2000 rising by almost 1.9%. It sets up a potential rise for the index back to 1,564. It also sets up a new uptrend in the index, which is potentially a huge positive. The Russell has been the part of the stock market that has been missing since February, and should this part of the market come online and start moving higher; it could provide a meaningful lift while taking the dependence off the large-cap names.
Tomorrow is the Russell rebalance so there will be some major price movements in many stocks depending upon how much there is to buy or sell of a name. There will be high volume levels and wide price swings.
S&P 500 (SPY (NYSE:SPY))
The S&P 500 has a rising trend line as well, and to some degree, like I said yesterday, a new course appears to be starting.
Tesla (NASDAQ:TSLA)
Tesla is now at that point where something is about to happen in the stock. We can see that the wedge is closing quickly, and the trend line is approaching fast. I have been looking for TSLA to rise to around $250. The RSI has been rising, and that would suggest that momentum is still coming into the stock. Wishful thinking on my part? Perhaps. Only time will tell. It will not be surprising if there be a “leaked” email or two over the next day that will tell us where they are with their deliveries.
Micron (NASDAQ:MU)
Micron continued to rise on June 27 and is basically at resistance now. The question; does MU have the juice to move even higher? It may, but to be truthful, the best thing that can happen is for MU to pull back and fill the gap at $34 and move higher in a slow and methodical pace.
Nvidia (NVDA)
Nvidia cleared resistance at $160, and now the quest for $178 is on. I noted this yesterday in an article. I still think that is how things are shaping up.
Roku (ROKU)
What’s the saying? If at first, you don’t succeed, try again? Roku did, and it still couldn’t get over resistance. There appears to be a seller out there sitting on. It looks like a bear flag is forming.
AT&T (NYSE:T)
AT&T is close to that breakout needed to get the stock to $34.25.
