- S&P 500 Futures +21
- US 10-Year – 2.69%
- Dollar – 97
- Oil – $53.44
- VIX – 15.07
- Nikkei +2.61%
- Shanghai +0.68%
- Hang Seng +0.10%
- KOSPI +0.45%
- DAX +1.28%
- FTSE +0.23%
- German 10-Year Bund 0.14%
- Japan 10-Year JGB -0.008% –
Global Growth Proxies
- Copper -0.48%
- Silver +0.57%
- Platinum +0.34%
It’s the global rally everyone loves to hate. Stop watching what only the US equity market does. Economies in Asia and Europe are supposed to be slowing, then why are equities around the world rallying? Because markets are looking to the future by 6 to 9 months and they are telling us the slowdown is passing.
If you want to be a complete trader or investors then you must, must, must pay attention to all financial markets, bonds, currencies, commodities, international, and domestic. Only then do you get the complete picture.
We live in an interconnected world. The U.S. is not an island entire to itself.
Equities around the globe are in rally mode, with the biggest surprise coming out of Asia. China’s Shanghai composite broke out overnight with the index rising above a critical level of resistance at 2,655.
Hong Kong didn’t break out –yet. It closed right on technical resistance at 28,160. Look for the break out in Hong Kong tonight, especially if the US remains strong.
The Nikkei also closed right below crucial resistance at 20,951.
S&P 500 (SPY)
The S&P 500 is pointing to a higher opening and appears to be ready to challenge resistance at 2,730 to 2,735. A jump above 2,735 sets up the rally to 2,800.
The Semiconductor ETF, the SMH, is pointing to an opening above resistance at $100.80. The trend is clear, and $106 is on the horizon.
Last night we spoke about that falling wedge, a bullish reversal pattern, in Amazon and today the stock appears to be on its way to $1620.
Tesla is rising this morning too, and it continues to look to me like it is heading to $333.
Micron continues to hold the uptrend, and the stock is heading back into the resistance zone of $40 to $42.
Square appears to now be gearing up for that move up to $83.
Blackberry continues to go, and $8.75 is getting closer.
On Semiconductor looks to be on its way to $24.15.
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