Will The Stock Market Finally Break Out On March 15?

Will The Stock Market Finally Break Out On March 15?

I Apologize for missing the morning commentary, I am only one person, and my schedule sometimes can be grueling. I overslept plain and simple, but I guess I needed it.

S&P 500 (SPY)

The S&P 500 went nowhere on March 14, literally. On the bright side, we didn’t give back yesterday’s gains. On the not so bright, the S&P 500 still hasn’t broken out.

I hesitate to say this because my last few calls have been so off, but I shall. The current setup in the chart is what appears to be a symmetrical triangle. That would be a continuation pattern, and it would suggest that the S&P 500 rises above 2,812 and that would indeed trigger a breakout on March 15. What’s the saying; if at first, you don’t succeed, try, try again!

If you don’t like my flip-flopping lately do me a favor and keep your comments to yourself. No emails and complaints, just unsubscribe and stop reading. Not an issue. Go start your own commentary and tell me how you do, with no audience or followers on top of it. Not easy.

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S&P 500, spy

Oil

Oil did break out today rising above $57.80. It sets up a potential move now to around $61.70.

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oil

Copper

Copper is consolidating and testing its uptrend today. To this point, that trend has held firm and could send the metal back towards $3.01.

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copper,

Facebook (FB)

Facebook continues to struggle. As long as the negative headlines continue it makes it hard for the stock to continue to rise. The level around $173 has become a brick wall, and Facebook can’t get through it.

More bad news for Facebook is hitting tonight, with it’s Chief Product Officer leaving the company. I think there is a good chance this stock does fill that gap at $148, over time.

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facebook, fb

Amazon (AMZN)

Amazon continues to struggle at the downtrend, it just can’t break out. The stock is nearly impossible to call lately. I’m doing my best, I promise. 

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Disclosure: Michael Kramer and the Clients of Mott Capital own Apple and Tesla

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

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