Boring, perhaps. Frustrating, yes. It was a frustrating day. There were a bunch of the indexes just stuck in the mud. Maybe the buyers are tired, or perhaps they are thinning out. Whatever the case, the sellers seemed to be able to keep a lid on things holding key level across many indexes.

S&P 500 (SPX)

The S&P 500 was one of those indexes just hanging around resistance in the 2,880 to 2,885 zone on June 12, not able to crack 2880. I think I redrew the chart about five times throughout the day. Each time in search of the trend. Right now, it is pretty simple because that trend is lower.

I have settled on this trading channel. It could be the start of a bull flag, maybe. It’d be great if it were, it would mean the S&P 500 is on pace to rise to 3,040. As of right now, it may only be wishful thinking.

However, if it is the case that it is a bull flag forming there are signs that it could break out tomorrow, based on the Russell chart below.

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NASDAQ

We can see there is a very similar pattern that as formed in the Nasdaq.

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Semis (SMH)

I think the Semis may be secretly sending us a black swan message. Like the bond markets two weeks ago that was sending the smoke signal of an imminent recession. What do you think? LOL. Oh, I crack myself up sometimes. Get it.

Well, maybe it looks more like a bird or duck then a swan. Anyway. I’m still laughing. Hey, you have to fun if you expect to have any longevity in this business.

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Russell

The Russell got held up on June 12 at 1521, and this index has to break out. You can see the setup —

uptrend+breaking of downtrend = breakout above 1,521.

Let us hope it does on June 13.

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Apple (AAPL)

Apple is trying to break out at $195, and there is a good chance that happens tomorrow if we can get that break out on the indexes. Or better yet, maybe AAPL leads that breakout! Now that’s a thought!

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Broadcom (AVGO)

Broadcom reports results on June 13, and what they say is pretty essential on several levels. AVGO filled the gap fast then I thought. It tough to say where AVGO goes after earnings now.I’m thinking the momentum favors AVGO rising.

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Tesla (TSLA)

Tesla couldn’t get over $225 on June 12, but I think it shall. The trends are shifting, and momentum is shifting. We will see what happens in the next day or two. There may even be a “leaked” email or two over the two weeks to help, who knows! The quarter end push is quickly approaching.

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Square (SQ)

Square looks like it is getting ready to go to $75. It has consolidated the last two days nicely.

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Snap (SNAP)

Snap is starting to see some bullish momentum and it could be on its way to $16, you can read more in this article I wrote today. Snap’s Stock May Climb Even Higher

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