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Turn Around Tuesday: Stocks Try To Make It 2 Up Days In A Row

Published 05/05/2020, 11:18 AM

Stocks are rising today, with the (NYSE:SPY) up about 70 basis points, building on yesterday’s late-day surge. But today is going to be a big day when it comes to economic data.

S&P 500

We can see that the S&P 500 Futures, for now, are trending higher and trying to recoup some of the loss from late last week, but again the long-term uptrend is broken, and 2,900 is the big resistance level, and 2,800 the significant support level. 

Nasdaq 100 (NASDAQ:QQQ))

The Qs are approaching resistance, which is the uptrend up for the March lows. 

10-Year

I will continue to be watching the 10-year yield, and its potential for a move lower towards 0%. A drop in the 10-year would not be a good sign for the bank stocks.

Amazon

Amazon (NASDAQ:AMZN) is trying to bounce, holding the uptrend, but that means resistance is at $2,440. 

Apple

Apple (NASDAQ:AAPL) appears to have an ascending triangle, with the next level of resistance around $305. 

Caterpillar

Meanwhile, support for CAT (NYSE:CAT) must hold at $107 to avoid a drop to $91. 

Boeing

Finally, Boeing (NYSE:BA) appears to be forming a descending triangle, and a potential drop to around $102.

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Latest comments

Ashish BhuraMay 05, 2020, 23:29
Analysis changing everyday based in market movement..
Nick BaltzerMay 06, 2020, 04:07
I mean that is how analysis works.... you analyze daily to see what trends you see and if they have broken
Ashish BhuraMay 06, 2020, 05:37
yes and that was my point
neel shethMay 06, 2020, 13:21
You cant bet on this guy. You will loose money. He has been saying $2170 for Amazon for past 3 weeks.. now resistance is 2440.. take it with graib of salt or dont bother about it.
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SundanceKidMay 05, 2020, 22:41
Nice charts!
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