- S&P 500 Futures -13 points
- US 10-Year 2.06%
- Dollar Index 97.50
- Oil $58.07
- VIX 14.66
- China Shanghai -0.18%
- Hong Kong HSI -0.76%
- South Korea KOSPI -0.59%
- Japan Nikkei +0.14%
- Germany DAX -1.09%
- UK FTSE -0.14%
Stock Trading for July 9
Markets in Asia by in large have not traded well in recent days, with Shanghai, South Korea, and Hong Kong all struggling. Germany has also struggled in recent days. The global weakness may be the S&P 500 biggest problem as it could be a sign of weakening sentiment.
S&P 500 (SPY)
The S&P Futures on July 9 are trading down to technical support at 2,962. Should the cash market open down 13 points, it would put the index below our uptrend and on a path to fall to support around 2,950.
Qualcomm is asking the appeals court to delay its anti-trust ruling. QCOMWealth Strength IndexQCOM is Moderately Flat and trending Up has been trending lower since the beginning of July and now is at risk of a further decline potential to $72.50.
Facebook is now trading outside of the rising wedge. That likely sets the stock up for a pullback to around to $188.
Square is rising after receiving an upgrade from Raymond James to Market Perform from Underperform. SQ is facing a strong level of resistance at $75. If SQ rises above that resistance level, it could move higher towards $83.
Micron is dropping on July 9. We will have to see what happens with this one today. $39 is still the critical level to watch for the MUWealth Strength IndexMU is Moderately Flat and trending Up.
Tesla has been drifting lower, but all appears to be fine as long as TSLAWealth Strength IndexTSLA is Moderately Up and trending Up holds above $225.
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