Stocks Manage To Push To Close At Record Highs On July 1

Stocks had a nice on July 1 after they went through the usual routine of gapping higher, drifting lower, and then rising into the close. It seems to be a pattern that continually repeats itself.

S&P 500 (SPX)

The good news is that the S&P 500 held support at 2,950 on its first attempt. I expect that level will continue to hold in the future. I do believe that the S&P 500 is set up for a rise to around 3,300 by some time this fall. I get into more in a premium video but will have details later this week.

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Russell

We can see the same thing happened in the Russell 2000 chart as well. It is always very good to know the forces we are up against.

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Micron (MU)

Micron had a good July, but like the broader market, it too pulled back. MU has risen a lot recently. MU managed to close below resistance at $40.25 after breaking above it earlier in the day. That could be a bearish sign which suggests the stock declines.

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Roku (ROKU)

Roku managed to open the day right at resistance, but we stopped in its track. Further evidence that ROKU is likely to head lower.

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Alibaba (BABA)

Alibaba managed to hang on to its gains and is trending higher towards $182.

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Amazon (AMZN)

Amazon seems it is getting ready to take its next leg higher, but it is likely a few days until that happens.

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Netflix (NFLX)

Netflix is inching closer to a break out at $379. It seems to be coming.

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