Stocks Are Ready To Break Out and Surge Higher on December 18

US Markets

• S&P 500 Futures +1.5 points
• US 10-Year 1.87%
• Dollar Index 97.33
• Oil $60.51
• VIX 12.08

International Markets

• Japan -0.55%
• HK +0.15%
• China -0.18%
• KOSPI -0.04%
• Germany -0.26%
• UK +0.14%

S&P 500 (SPY) 

Stocks are moving up again, with the S&P 500 futures up by roughly 10 bps. Not much has changed with the markets overall, with S&P 500 resistance around 3,200 to 3,212.

However, there appears to be a flag pattern forming in the S&P 500, and it would suggest that the index breaks out, with the next significant level of resistance coming around 3,255.

 

Where are we likely going longer-term? Well, the next chart kind of tells us. My guess is back to that green line, which has acted as a trend line since the 2009 lows. It could lead us to number of around 3,400

 

KOSPI

The South Korea Kospi also has a flag pattern forming as well, which suggests that the index is getting ready for its next move up.

 

Russell 2000 (IWM)

The Russell 2000 also appears to pushing towards 1,675, and then on to 1,710.

 

FedEx (FDX)

Federal Express is falling today following its results last night. Now the stock is trading back to support at $151. This a price that has to hold for FedEx, or else this stock is likely heading back to the lows around $140.

 

 

Tesla (TSLA) 

Tesla may be looking to cut prices for the Model 3’s that are made in China and using local source components. The stock appears to that it may now be on its way to $400. 

 

Verizon (VZ)

Verizon is trying to break above resistance at $61.35, finally after a year-long period of consolidation. It could lead to shares rising to $64.50.

 

Netflix (NFLX) 

Netflix may be forming an ascending triangle, and that means the stock may be ready to move up to $336.

 

Have a good day