Here’s Why The Stock Market Is Poised To Break Out On March 1

U.S. Trading

  • S&P 500 +16.7 points
  • 10-Year Treasury 2.73%
  • Oil $57.33 +0.19%
  • VIX 14.43

International Trading

  • Japan Nikkei +1.02%
  • China Shanghai +1.80%
  • Hong Kong HSI +0.63%
  • Singapore STI +0.24%
  • South Korea Kospi Closed
  • Australia ASX +0.38%
  • German DAX +1.03%
  • UK FTSE +0.44%

Global Growth Proxies

  • Copper$2.96 +0.32%
  • Silver $15.75 -0.38%
  • Platinum $868.10 -0.81%

Key Events:

International Trading

The German DAX is breaking out and is rising above key resistance at 11,535. The next level to watch in the index is 11,891. The DAX was one of the last indexes to break out, yet another positive sign. I will update global markets over the weekend.


US Trading

If you haven’t read the Chicago PMI release from yesterday, I urge you to read it. Here is a snippet:

The pick-up in demand contributed the most to the Barometer’s rise. New orders rose by 15.2 points, the largest monthly rise since January 2016 when it jumped 17.4 points. Production was up 8.5 points to a fresh six-month high. Order Backlogs were up by 5.6 points, offsetting January’s decline.

I don’t know, does that sounds like we are heading to a recession anytime soon? Not to me, but we will get further confirmation when we see today’s readings.

S&P 500 (SPY)

As noted last night, the S&P 500 is gearing up for a breakout today, and that is precisely what the futures are pointing to now. The SPY ETF is suggesting a rise over 2,800 on the S&P 500, and that means that resistance at 2,812 may come into play today.

S&P 500, SPY

A break out above 2,812 sends the index on to 2,872.

S&P 500, spx

Tesla (TSLA)

Tesla is sinking today after the big 5 PM announcement of the base model 3, and prospects for a loss in the first quarter. I don’t think much really changed here. The stock is trading lower to around $304. But the good news is that at this point there is a sign of a new uptrend forming. While the stock is failing at the downtrend on the first attempt, I do expect that downtrend to be broken at some point over the next week or so.

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Disclosure: Michael Kramer and the clients of Mott Capital own Apple, Tesla, and Netflix

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

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