STOCKS: NVDA, ROKU, AMD, CRM
MACRO: SPDR S&P 500 (NYSE:SPY)
US MARKETS
- S&P 500 Futures +13.50 points
- US 10-Year 1.75%
- VIX 15.10
- DOLLAR INDEX 97.66
- OIL $57.10
INTERNATIONAL MARKETS
MACRO
Germany’s market bounced back Tuesday, rising by over 1% after their services PMI came in 51.7 versus estimates 51.3, and last month’s reading of 51.6. But more importantly, the U.S. markets bounced back Wednesday morning. The S&P 500 found meaningful support on Tuesday around 3,080 and appears ready to test resistance at 3,110. Hmm.. sounds familiar?
The S&P 500 fell to exactly where it was supposed to fall today, as I noted last night, before the “trade fears” took the market by storm, to 3,080. That region held firm and bounced. Now there is a gap to fill up to 3,110 tomorrow.
Oh yeah, I said that Tuesday night, before knowing any of Wednesday’s headlines. So either I’m psychic, which I am most definitely not, or the market is just purely trading off technicals from an overbought region, which seems way more likely. Take all the headlines, and forget them; they are meaningless at this point.
STOCKS
Nvidia (NASDAQ:NVDA)
Nvidia is bouncing back from Tuesday’s sell-off. $212 has acted as a region of support and resistance. Now the stock will need to try to get back over $212, which may prove to be more challenging then it appears. Bearish momentum seems to be building as measured by the RSI.
ROKU (NASDAQ:ROKU)
Roku bounced back some after Monday’s sharp decline. $150 is once again a region of resistance that needs to be on watch. If the stock gets over $150 it will work to fill the gap up to $161.
AMD (NASDAQ:AMD)
I will be watching $39.50 for AMD; it becomes a significant price point. It will likely signal if shares are heading back to $40.50 or $37.20.
Salesforce (NYSE:CRM)
Salesforce fell after reporting results Tuesday night. Resistance comes at $161; the stock has been struggling at that price.
