Can The Stock Market Make It 3 Up Days In Row on June 6

US Markets

• S&P Futures +7
• US 10yr  – 2.1%
• VIX 16.04
• Dollar Index 96.93
• Oil $52.13

Intl. Markets

• Japan Nikkei -0.01%
• China Shanghai -1.17%
• Hong Kong HSI +0.26%
• South Korea KOSPI +0.10%
• Germany DAX +0.20%
• UK FTSE +0.57%

S&P 500 (SPY)

The stock market is set to open higher once again on June 6,  setting up a potential showdown with resistance at 2,836 on the S&P 500. However, given the sharp rise in the index, support comes at 2,812 and then the downtrend, which has fallen to around to a range of 2,800 –>2,794.

I think the first test may be difficult to break out.

Apple (AAPL)

Apple may continue to rise today after it was initiated at Evercore with an Outperform and $205 target. The next level of resistance comes at $195 first.

AMD (AMD)

AMD was upgraded at Morgan Stanley to overweight from underweight and $28 target. I saw some bullish call activity for the June 21 $35 strike price. The open interest rose today by almost 14,000 contracts to a total of almost 22,000. A buyer of the calls needs the stock to rise to around $35.20 by expiration.

The next big test for AMD comes at $31.40.

Tesla (TSLA)

Demand issues at Tesla? Not based on the latest info from Electrek. According to the website, the company is aiming to make 66,000 deliveries in North America alone. A rise above $205 takes the stock to $225. The stock is challenging $205 already in the premarket. I guess Alexa was right. 

Micron (MU)

Micron is likely to struggle as DRAM prices continue to slide, according to DigiTimes.  A drop below $32.50 sets up a decline to $29. One has to wonder if management will need to revise its second-half outlook when they report results. It would sound like it.

Citigroup (C)

Watch Citigroup today. The stock is stalling out around $66. If it rises above $66, it can move up to $70. If it can’t, it goes back to $61.  I think it goes back to $61.