A Bottom for Stocks May Be Closer Than You Think

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

• Japan -2.01%
• HSI +0.26%
• Shanghai -closed
• KOPSI -1.95%
• UK -0.61%
• Germany – Closed

MACRO

S&P 500 (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 (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 (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 (AAPL)

Apple 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 is trading higher this morning after reporting better than expected results. $139.40 is resistance. 

 

Have a great day. Short but Sweet!