US Markets
- S&P 500 Futures +9.75 points
- US 10-Year 1.58%
- Dollar Index 99.11
- Oil $52.53
- VIX 20.04
International Markets
MACRO
S&P 500 (SPY (NYSE:SPY))
The good news is that for now, the futures are holding the uptrend for the S&P 500. The bad news is that the futures need to stay above 2814 to avoid a potential double top pattern. One day at a time.
An ideal scenario for today is a flat or lower open with a retest of yesterday’s low of 2875 with a move higher the rest of the day.
VIX
Keep an eye on the VIX, as long as it stays around 21 or lower we should be fine.
STOCKS
Micron (NASDAQ:MU)
Micron has done a reasonable job of hanging on to support around $42. That price is a significant level, a decline below it $42 sets up something significantly steeper to $38.
AMD (AMD)
AMD keeps grinding lower, and my only concern here is if my target price of $27.40 is too low.
Microsoft (NASDAQ:MSFT)
Microsoft has fallen below the uptrend for the first since July. One needs to wonder if this is a change in trend or just a mild short-term shift.
Apple (NASDAQ:AAPL)
Apple (NASDAQ:AAPL) has fallen sharply in the last few days but continues to remain above support at $217.50. As long as that price continues to hold all should be fine, otherwise like for a decline to around $209.
Pepsi (PEP)
Pepsi (NASDAQ:PEP) is trading higher this morning after reporting better than expected results. $139.40 is resistance.
