Here’s Why The Stock Market May Make Its Next Move Higher On July 12

Will The Next Leg Higher Start on July 12?

S&P 500 (SPX)

It was an up day on July 11, with the market pushing higher into the close to finish near the highs. The S&P 500 managed to finish the day right around 2,999.91. There is an interesting ascending triangle pattern that has formed in the index. It would indicate that the S&P 500 is going to make a push to around 3,050. I’m expecting it to be the last leg higher over the short-term. I’m not going to get into the reason why at this point, because I’m still watching the developments. However, I did present the concept in a premium video today.

The push higher should start tomorrow July 12, to close the week out.

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S&P 500 SPY

Don’t get confused by my message. I’m not making some doom and gloom end of the world call here. I still think the S&P 500 continues to push higher longer-term. However, we have risen by about 10% since the beginning of June and a pullback to say 2915 wouldn’t be earth-shaking, now would it?

One day at a time, let’s start with July 12 and see if I get that part right.

Nvidia (NVDA)

Nvidia had a great day rising by $6 on an upgrade by Cascend. NVDA appears to be back on track on a path to $179.

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nvidia, nvda

Dell (DELL)

I have been tracking Dell for some time, and the chart is finally starting to look better. There appears to be a clear level of support around $50.50. You can see the stock is beginning to turn higher and the RSI is moving up too. I could see a move back to $60. I noted this one a few weeks in a premium article.

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Cisco (CSCO)

Cisco is flirting with a break out once again. Maybe this time it can happen and finally push to $61.

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cisco, csco

Disney (DIS)

Disney has been flirting with a breakout, and it seems to have finally accomplished it. How much higher does it go? I still think $175 is possible.

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Disclosure: Michael Kramer and the clients of Mott Capital own ACAD, DIS, CSCO, NFLX

Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice ...

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