US Markets- S&P 500 Futures -2 points
- 10-Year Yields 2.28%
- Dollar Index 97.78
- VIX 16.95
- Oil $59.04
International Markets
- China Shanghai +0.61%
- Japan Nikkei +0.37%
- Hong Kong HSI +0.38%
- South Korea KOSPI +0.23%
- UK FTSE -0.16%
- Germany DAX -0.46%
International Trading
Shanghai
China shares managed to rally the past two days, but still, the index is struggling to get over resistance at 2920. However, the good news is that the short-term downtrend has been broken.
US Trading
S&P 500
The S&P 500 is pointing to a slightly lower opening on May 28. The chart shows that resistance still sits at 2,836. If the S&P 500 fails to rise above 2,836 today, then it is likely the equity market will continue to drift lower perhaps back to 2,812. A rise above 2,835 sets up a retest of 2,853.
Apple (AAPL)
Apple Inc (NASDAQ:AAPL) is one stock to watch closely today as it has been steadily falling since the beginning of May. If the stock can’t break the downtrend, it looks like it may be heading to $175. However, $175 may be low. For now, we can see there is a falling wedge being formed a bullish reversal pattern.
Micron (MU)
Micron (NASDAQ:MU) has been steadily declining too and is still within a trading channel lower. If the stock can’t rise above the downtrend, it can test support $32.50. Meanwhile, should the stock break the downtrend, it sets up an increase to $36.
AMD (AMD)
Advanced Micro Devices Inc (NASDAQ:AMD) is rising some this morning after Cowen made some positive comments on the companies new chips shown at Computex. AMD is also stuck in a downtrend, and every time the stock has tried to break out, it has failed. Should the downtrend be broken, the stock has room to rise to around $29.40.
Tesla (TSLA)
Tesla (NASDAQ:TSLA) needs to hold support at $190 to avoid a much further decline. I continue to think the stock rises back to $250.
Acadia (ACAD)
ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) is trying to break the downtrend, and that could set up the rise back to $27 this week.
