- S&P 500 Futures -3 points
- US 10 Year 2.05%
- VIX 12.76
- Oil $56.18
- Dollar Index 98.05
- Shanghai -0.12%
- Hong Kong HSI -1.03%
- Japan Nikkei -0.19%
- KOSPI -1.78%
- German DAX -0.06%
- UK FTSE +1.17%
Premium Content: The Week Ahead For July 28 – Plus Podcast
S&P 500 (SPY)
The S&P 500 has been steadily trending higher. Support for the index is currently around 3,014, while resistance continues to hover somewhere around 3,055.
PayPal is flirting with what could be a significant breakdown. The stock is falling out of a rising wedge pattern. Now the stock is sitting just above support at $113.75. Should the stock fall below support it could drop $104.35.
Micron is falling some this morning. The trend is still higher; however, support for the stock is around $45.50.
Tesla will try to start its recovery from last week’s big sell-off. The good news is that the stock has found support around $225. There is that big gap that needs to be filled up to around $253.
AMD will report results this week, and $34.50 continues to be the level of resistance. Again, a break above $34.50 seems AMD up to around $36.15. Premium content AMD Nears Break Out
JPMorgan and Baird downgraded Starbucks to neutral from overweight, on July 29. Meanwhile, the stock was started with a buy rating $110 price target. Keep in mind this stock is now trading at 32 times 2020 earnings estimates. That a very lofty for multiple for Starbucks. There is a big gap to fill down to $91.35.
Nvidia has been trending higher and it appears to be a course to rise to around $185.
Have a great day!
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