Turnaround Tuesday Is In The Works For Stocks On August 13

US Markets

  • S&P 500 -0.5 points
  • US 10-Year 1.63%
  • Oil $54.70
  • Dollar Index 97.44
  • VIX 21.40

International Markets

  • Shanghai -0.63%
  • Nikkei -1.11%
  • HSI -2.1%
  • KOSPI -0.85%
  • DAX -0.97%
  • FTSE -0.53%

Stocks in the US are pointing to a slightly lower opening on August 13. The S&P futures have been steadily rising since 5:30 am. When I last wrote, I had noted that a falling wedge pattern had formed in the S&P 500, and that was likely to lead to a rebound in the index.  At this point, it is worth noting that the index can fall to around 2,872 and still have the break out remain in place. The short-term bullish scenario, as described yesterday, has not changed.

S&P 500, spx

Yields

There are signs that yields may be heading higher from here. Yes, higher. It seems like the German 10-year is the leader for yields around the globe, and it is suggesting yields rise. You can see in the chart below that German 10-year could rebound and rise towards negative 40 basis points from its current negative 60 basis points.

german 10-year

Silver (SLV)

The Silver ETF is on the rise again, and it is moving closer to that break out I noted last night at $16.50. Should the ETF rise above that level of resistance it could move up to $17.25. 

silver, slv

Micron (MU)

Micron broke out yesterday following some positive comment from the CEO at a financial conference. The stock is likely heading towards $44.

micron, mu

AMD (AMD)

AMD is sitting on support at $32.30. Should the stock fall below that price it is likely on its way back towards $31.40 then $29.40.

amd

Apple (AAPL)

Apple needs to hold support at $198.50 to avoid a further decline to around $194.

apple, aapl Stocks will attempt to turnaround on Tuesday, August 13, following a steep sell-off on Monday, what to watch SLV, JD, AMD, MU, AAPL

JD (JD)

JD.com is rising after delivering better than expected quarterly results. Resistance for the stock is currently approximately $29.40.

jd Stocks will attempt to turnaround on Tuesday, August 13, following a steep sell-off on Monday, what to watch SLV, JD, AMD, MU, AAPL

Have a great day.

Disclosure: Michael Kramer and the clients of Mott Capital own AAPL

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

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