- S&P 500 Futures -1.5 points
- US 10-Year 2.51%
- Dollar Index 98.03
- Oil $63.09
- VIX 13.20
- Japan Nikkei -0.22%
- Shanghai -0.77%
- Hong Kong HSI +0.97%
- KOSPI +1.7%
- UK FTSE -0.07%
- Germany DAX -0.24%
The Shanghai Composite continues to melt down, but it is at a point now where it should find a bounce. The index has dropped to technical support around 3,220. Additionally, the RSI has retraced and returned to the uptrend. The index is at a good spot to find a rebound.
S&P 500 (SPY)
The S&P 500 will attempt to break out today and set a new intraday high above 2940.
The Russell will attempt to break out today rising above 1593.
Disney’s stock is rising this morning yet again, this time after its latest Avengers movie smashed all kinds of opening weekend records.
Adobe is popping this morning after Morgan Stanley upgraded the stock to overweight from equal weight and put a price target of $340 on it. The stock probably has room to rise to around $290 before pausing again.
Tesla is bouncing some today. The stock has been decimated following its first quarter results. It appears that the SEC and Elon Musk have agreed on his Twitter account. For now…
I think the stock is oversold and due to bounce. But then again I have said that before. This is kind of like the point of no return for the shares, so if you are long, it has to bounce here.
Alphabet (GOOGLWealth Strength IndexAAPL is Extremely Up and trending Up, GOOG)
Alphabet reports results tonight, and the stock is trading higher ahead of the news. I can’t remember the last time Alphabet had a big move following results. Anything above $1295 is a new all-time high.
Intel needs to stay above $52.50 today.
This article first appeared on Mott Capital.
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