Stocks are trading mostly higher this morning with the S&P 500 ETF (NYSE:SPY) up by 70 bps, which is taking the ETF to around $340, that was around the highs yesterday. With the Fed meeting today and quadruple witching on Friday, it makes things a bit more volatile, and it is likely to stay that way until we get passed Friday.
At this point, we will have to see if the downtrend is broken, and we may not know until days end. We may find out that downtrend may prove to be short-lived. The significant level to watch for comes around $342.25, and that was the highs last Thursday.
Meanwhile, the QQQs are rising, testing significant levels of resistance around the $278 level.
Roku
Roku (NASDAQ:ROKU) is rising after KeyBanc initiated the stock with an overweight rating and $228 price. There is a nice uptrend that has formed in Roku, which suggests the stock continue higher towards $175.
Netflix
Netflix (NASDAQ:NFLX) was also rated an overweight with a $590 strike price from KeyBanc. But this one already broke its uptrend and had been struggling of late. The stock has been able to hang on to the $475 level for some time. Eventually, I think it breaks that support level and heads lower towards $450.
Apple
Today Apple (NASDAQ:AAPL) will host a product event, but it is not expected to have a new iPhone as part of it. The stock has struggled in the $115 to $117 region the last couple of times it has reached this region. We will see if today’s event can key lead to a breakout, or if the stock continues to struggle.
Square
Square (NYSE:SQ) has held the uptrend for now with the potential for the stock to bounce back to around $150.
