Stocks are pointing to a lower open on concerns of the coronavirus again. All of the major indexes were down in Asia with the Nikkei and Kospi down around 1.7%, while HK fell 2.6%. Meanwhile, Europe is lower as well.
S&P 500 (SPY)
S&P 500 futures are down about 20 points back to around 3251. At this point, it feels as if maybe a retest of the declines on Monday, so this could be considered a significant level to watch for the markets. A further drop below 3230 on the futures could lead to a sharper decline, perhaps to around 3,200. Again, we don’t want to see the index close at these levels because it would allow the index to finish below the trend line.
Oil
Oil finds itself in a terrible spot, sitting on support around $52, with a break of this price level could send the commodity lower to $42.
Facebook (FB)
Facebook (NASDAQ:FB) is getting crushed today, falling by 7.5% to $206. This is an essential region of support for Facebook. Support for the stock is around $203, and a decline below $203 likely gets the stock moving lower to about $191.
Starbucks (SBUX)
Starbucks (NASDAQ:SBUX) is falling as it should since a significant portion of Starbuck’s growth story is based on China. The stock has found some support around $85.75, with the next level of support around $83.50.
AMD (AMD)
Advanced Micro Devices (NASDAQ:AMD) is testing support again around $46.80, and this is an essential level for the stock to hold. If not, the stock is probably heading even lower to $43. Not what I was expecting.
Shop (SHOP)
Shop failed for a third time at $477; meanwhile, volume levels are starting to decline, signaling that buyers may be thinning out. However, the trendline is moving higher, so I’m going to say support for the stock now comes around $425 to $435 region.
Western Digital (WDC)
Western Digital (NASDAQ:WDC) report results this afternoon, and the stock has been holding on to support around $65.75. Remember, we were seeing the call buying for the March 20 expiration date at the $75 strike price. So we will find out if these options traders are just as good as the Intel (NASDAQ:INTC), Square (NYSE:SQ), and GE traders, or if they resemble the Facebook (NASDAQ:FB) and AMD crowd. Free story – Western Digital Is Nearing A Significant Break-Out
