Stocks Are Set To Open Flat On November 8, But Don’t Count Them Out

Stock mentions: GOOGLWealth Strength IndexAAPL is Extremely Up and trending Up, DIS, JDWealth Strength IndexAAPL is Extremely Up and trending Up, BABA, FBWealth Strength IndexAAPL is Extremely Up and trending Up

Macro  mentions: SPY, EEM

US Markets

  • S&P 500 Futures +0.50 points
  • US 10-Year 1.95%
  • Dollar Index 98.31
  • VIX 12.88
  • Oil $56.25

International Markets

  • Japan +0.26%
  • China -0.49%
  • HK -0.70%
  • SK -0.33%
  • DAX -0.17%
  • UK -0.30%

MACRO

S&P 500 (SPY)

Stocks are looking to open flat on November 8, but the futures are still holding an up channel that appears to be rather strong. Based on that channel, the futures could rise to around 3,120, not today, but over the next few days.

S&P 500 futures

Emerging Markets (EEM)

Emerging market stocks may be getting ready for a big move higher based on some bullish options betting I have been seeing in recent days. I talk and where I think the ETF can go in this free article on Investing.com – Here’s Why Emerging Markets Stocks May Be Ready To Surge

eem, emerging markets, november 8

STOCKS

Disney (DIS)

Disney is rising after reporting better than expected results and strong ESPN+ subscriptions. Although the company has been quiet on how the new Disney+ pre-orders are going. For now, resistance comes at $141.65, with support at $139.

disney, dis

Alibaba (BABA)

Alibaba is nearing another breakout should it rise above $188. It could set up an increase to $201.

disney, dis

JDWealth Strength IndexAAPL is Extremely Up and trending Up (JDWealth Strength IndexAAPL is Extremely Up and trending Up)

JDWealth Strength IndexAAPL is Extremely Up and trending Up.com finally saw that big break out at $31.50, and the push to $34.80 is on.

jd

Alphabet (GOOGLWealth Strength IndexAAPL is Extremely Up and trending Up)

Alphabet is breaking out of a very long period of consolidation. The stock has done this on several occasions in the past. While it is never easy to project a stock’s future move higher, it seems possible that this stock could one day over the next several months rise to around $1,600.

google, alphabet

Facebook (FBWealth Strength IndexAAPL is Extremely Up and trending Up)

Facebook has generally been trending higher, but shares have been well contained following results while failing at resistance, which had formerly been an uptrend. The stock, to no surprise –at least to me, is now heading lower again. I think $186.10 is still the target, maybe even $181.

facebook, fb

Have a great Friday

-Mike

This article appeared first on Mott Capital Management.

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