- S&P 500 Futures +18 Points
- US 10-Year 2.33%
- VIX 15.98
- Dollar Index 97.72
- Oil $58.58
- China Shanghai +0.02%
- Japan Nikkei -0.16%
- Hong Kong HSI +0.32%
- South Korea KOSPI -0.69%
- Germany DAX +0.83%
- UK FTSE +0.53%
It seems the stock market decline has caught the attention of the President, as he now is predicting that a trade deal could be reached fast and that Huawei could be part of a deal. Hmm… Well, after all the S&P 500 was 5% its highs off as of yesterday. You didn’t forget the 5% rule, did you? (Premium content: The 5% Rule Explained)
US Trading Session for May 24
S&P 500 (SPY)
But, the damage has been done and now 2,836 will act as resistance for the S&P 500 on May 24. Again it just makes things tougher for the market, then where were on Wednesday moving forward.
Anyway, it could be an interesting day with a three day weekend. With tweets flying around and comments about trade being made at any moment, I wouldn’t expect any rally to last. So be mindful that it is a holiday weekend.
I’m going to watch these semis very closely today, especially Intel and a few of the equipment makers. Intel managed to bounce off support yesterday around $42.80, closing around $44.50. A stock like Intel rising in a down market is something worth monitoring. I have noted in my premium areas that the semis in some case are approaching oversold levels and it is essential to watch how these stocks trade. One reason is the better North American Billing data just out. I talked about more in my premium room. Chip Data Suggests A Bottom Is Near
For now, $46 is resistance at for Intel.
Twitter has been slowly trending higher and appears it could be on its way to $41.90.
Roku continues to look pretty healthy and has bucked the trend of the broader market, and could be on its way to $102.
Microsoft has also held up exceptionally well during the market turmoil and could be gearing up for a break out of its own.
Visa has been trying to break out and has struggled. Perhaps today can be the day. Besides what does Visa have to do with China, besides nothing.
Short and Sweet! See ya later! Maybe 🙂
This article first appeared on Mott Capital.
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.