It May Be The Russells Turn To Break Out, Following The S&P 500 Higher

US Markets

  • S&P 500 Futures +1
  • US 10-Year 2.54%
  • Dollar Index 97.65
  • Oil $66.11
  • VIX 12.33

International Trading

  • Japan Nikkei -0.27%
  • China Shanghai +0.09%
  • Hong Kong HSI -0.53%
  • South Korea Kospi -0.88%
  • Germany Dax +0.73%
  • UK FTSE -0.27%

S&P 500 (SPY)

The stock market will try to rise on April 24 picking up where it left off. The chart continues to suggest more gains are on the way. Even when looking at the RSI we can see the ascending triangle pattern, which suggests more gains ahead. With the RSI now around 72, it is “technically” overbought, but it is at the same level it peaked at in October. So we will want to see it rise a bit more to make sure that the RSI has fully broken free of that old downtrend if that makes sense. It would also suggest that current push higher is somewhat limited to how much upside there is over the short-term.

S&P 500, spy

Russell (RUT)

The Russell is also nearing a big break out, which could send the index to 1,640. We can see how the RSI has compressed and fallen since reaching overbought levels.

Russell, iwm

AT&T (T)

AT&T reported results this morning at first blush they don’t look particularly good. But what seems bad are those DirecTV and DirecTV Now subscriber numbers, ouch! 19.2 million DTV subs down from 19.6 in 4Q. Also, DTVNow down to 1.5 million from 1.6. Geez. DirecTV is to AT&T, what ESPN was to Disney.  Not the outcome I thought we would see.

It is early, but the stock needs to hold support at $31.20.

AT&T, t

Amazon (AMZN)

Amazon will be on watch today, one day ahead of results. The stock broke out yesterday rising above resistance at 1,900. The next significant level to watch for is 2,025.

amazon, amzn

Microsoft (MSFT)

Microsoft will report tonight, and $127.25 is still resistance.

Microsoft, msft

Facebook (FB)

Facebook will also report results tonight, $186 is the next level of resistance, but a beat likely moves it towards $195.

facebook, fb

Biogen (BIIB)

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Disclosure: Michael Kramer and clients of Mott Capital own Tesla and Microsoft. Michael Kramer owns IWM Calls

Disclaimer: This article is my opinion and expresses my views. Those views can change ...

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