S&P 500 (SPY)
Stocks are rebounding some this morning after two rough days of trading, with the S&P 500 ETF (NYSE:SPY) pointing to a gain of about 1.3%. The trouble is that the ETF is hitting up against and failing at the uptrend it fell below yesterday. I’d be wary of a gap fill lower today, and then anything can happen after that.
Yields
Meanwhile, more concerning is that yields in Europe continue to rise. It could be suggesting that some investors are growing concerned over the economic outlooks for these countries. It is resulting in spreads between German and Italian, and German and Spanish spreads to widen.
Netflix
Netflix (NASDAQ:NFLX) is falling some today after reporting blowout subscriber growth. Despite the big beat, it will be interesting to see how the company is affected by the pull forward of what is likely to be the majority of their 2020 demand. Additionally, content creation has been stopped for the time being, and I wonder how that may affect the rollout of its content later this year. It could translate to slower subscriber growth for the balance of the year. Resistance for the stock is now clearly at $450, with the potential for the shares to fall to around $385.
AT&T
AT&T (NYSE:T) reported results, and the company continues to bleed its legacy DirecTV subscriber loss nearly 900,000 in the quarter. Support is at $28.90.
Facebook (NASDAQ:FB) is rising following Snap's (NYSE:SNAP) surprise results, but resistance at $181 appears to be healthy. A breakout sends the stock higher to $191.
Chiptole
Chipotle (NYSE:CMG) is jumping today after its results. I had no idea this stock fell so sharply. I had become a regular again at Chiptole before the coronavirus, and I admire its comeback. Just be careful, the gap is filled now up at $851.
