US Trading- S&P 500 Futures + 14 points
- 10-Year Yield 2.51%
- Oil $62.68
- Dollar Index 97.04
- VIX 13.04
International Trading
- China Shanghai +1.24%
- Hong Kong KSI 1.22%
- Japan Nikkei +0.97%
- South Korea Kospi +1.20%
- Germany Dax +1.3%
Global Growth Proxies
- Copper $2.935
- Silver $15.15
- Platinum $870
Key Events
- A trade deal is drawing closer between the US and China as talks set to resume
- More Brexit Drama
- Better PMI results are driving stocks higher
- ADP Private Payroll at 8:15 AM estimates +173k actual +129k
International Trading
The big news is that South Korea KOSPI appears to have finally broken that long-term downtrend we have watched. The next big test comes at 2,225.
Shanghai
Shanghai is now at its highest level since May 2018 and is the verge of moving to 3,255. The Shanghai composite has now nearly recovered all of its losses that start earlier last year.
Hong Kong
Hong Kong rose above a critical level of resistance last night at 29,700 and is now on its way to around 30,300.
Germany
The German DAX is breaking out in a big way, which could result in the index climbing by about 5% to 12,463.
US Trading
Futures
Anyone who thought the rally was about to fade or stall out or was on the cusp of the next significant correction, I have news for you –it’s not! The S&P 500 is gearing up for another big day. The S&P 500 futures are approaching their last major level of resistance at 2,898 before pushing back to the all-time highs.
S&P 500
S&P Cash is also approaching those ATH’s with resistance at 2,873 poised to be taken out this morning at the opening.
AMD (AMD)
Advanced Micro Devices Inc (NASDAQ:AMD) is popping this morning after getting initiated at buy from Nomura/Instinet. The stock is up over 4% and trading around $28 and appears to be drawing closer to $29. To be more precise $29.40 is the next level of resistance.
Caterpillar (CAT)
CAT shares are falling a bit after Deutsche Bank (DE:DBKGn) downgraded the stock as synchronized global growth collapsed. The chart is nearing a potential break out should it rise above resistance $141.
Micron (MU)
Micron Technology Inc (NASDAQ:MU) is nearing resistance at $44 again. This is a significant level for the stock, and it needs to break out or else we could be looking at triple top reversal pattern forming.
Amazon (AMZN)
Amazon.com Inc (NASDAQ:AMZN) continues to move towards resistance at $1850, its next big test. The next levels to watch for is at $1900.
Netflix (NFLX)
Netflix Inc (NASDAQ:NFLX) continues to move towards resistance at $278.
Nvidia (NVDA)
NVIDIA Corporation (NASDAQ:NVDA) is breaking out today too and is on the move to $200.
Facebook (FB)
Facebook Inc (NASDAQ:FB) will continue to be on watch, and $175 is the significant level.
Tesla (TSLA)
Tesla Inc (NASDAQ:TSLA) will be on watch when it reports production and deliveries. The zone of resistance is nearing.
