April 1, 2019 – Happy April Fool’s Day 😆
- S&P 500 Futures +18.50
- US 10-Year Yield 2.44%
- Dollar Index 97.11
- Oil $60.66
- VIX 13,96
- China Shanghai +2.58 %
- Hong Kong HSI +1.76%
- Japan Nikkei +1.43%
- South Korea KOSPI +1.29%
- Germany DAX +1.03%
- UK FTSE +0.60%
Global Growth Proxies:
- Copper $2.9475
- Silver $15.045
- Platinum $849.30
- China Caixin PMI came in at 50.8 versus 49.9 last month
- Germany PMI 44.1 versus estimates of 44.7
- US Data expected today:
- Retail sales consensus est. +0.3%
- ISM Man Index consensus est. 54.2
Shanghai broke out today rising above resistance at 3,150, with the next significant level to watch at 3,223. Should that happen, it would take the index back to its highest levels since last spring. The market is applauding the stronger than expected PMI readings from over the weekend, and signs that perhaps China’s economy is emerging from the doldrums.
S&P 500 (SPY)
The S&P 500 futures are pointing to a higher opening. The index had a big break out at the end of the day on Friday, and I think it finally propels us towards 2,850, and then on to 2,900.
Amazon is rising above $1,800 today. The stock appears to be breaking out of its bull flag pattern, and that would suggest the stock is on the move higher, potentially stopping around $1,850.
Netflix is moving higher this morning, and it will be among the first companies to report first quarter results. The stock is rising above resistance at $355 and could be on its way to $378.
Nvidia is finally breaking out too, and that could lead to the rise to $200 we have focused on.
Some of these bank stocks could be due for a short-term bounce. In my first ever article for Investing.com, I noted on Friday that Citigroup could be on its way to around $65.50 and Bank of America could be on its way to $29.50
Alibaba is a name we haven’t focused on, and the stock appears to be gearing up for a move higher to $200.
Good luck today!
This article first appeared on Mott Capital.
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