After two exciting days of trading, May 8 was a different story, with the S&P 500 quietly rising finishing pretty much flat. The index gave back any gains it had by days end. Yes, nothing to get excited over and not nearly enough to make up for any losses suffered this week. But excitement these days is merely a tweet away, and it can come at a moments notice at any time of the day.
S&P 500 (SPY)
If there is any good news from today’s trading action, it is that the S&P 500 never retested Tuesday lows. Also, it managed to make it above a resistance level at 2,895. It appears to be setting up a climb back to 2915.
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Interestingly enough the chart I showed you yesterday with the 130 and 170 point rises, is still valid, so I shall continue to include it in our work until such a time that is proven wrong. Again it would continue to suggest the S&P 500 gets over its little trade war fears and continues to rise towards 3030. Yes, you read that right.
Because as much as the President is a tariff man, he is a much a bigger stock market man.
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Soybeans
Soybeans don’t seem to think a trade is likely to happen anytime soon. What an ugly chart.
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Yuan
It would seem that China is preparing for those tariffs to go into effect too. Look, they have already started to let their currency weaken versus the US dollar.
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Alibaba (BABA)
Alibaba continues to hold support at $179, and that is very good. A drop below $179 sends the stock to $166.60 and is likely a sign a trade deal is not happening anytime soon.
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Netflix (NFLX)
After a couple of solid days at $378, I’m not sure why Netflix has suddenly broken down. My only thought is that the buyer that was holding the stock up is finished. Overall the trend remains higher.
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Caterpillar (CAT)
Caterpillar is one stock that doesn’t look great at the moment. A drop below $132 pushes shares to $125. Even the RSI is suggesting the stock drifts lower.
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Qualcomm (QCOM)
It doesn’t look like Qualcomm is heading to $100 not yet, I think I may have gotten too bullish. But regardless it is holding on around $85, and for now, the downside looks to be around $82.
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Incyte (INCY)
I wonder if Incyte can make it over $85 this time? If it happens, a jump to $96 seems possible.
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Nvidia (NVDA)
I’m getting a little worried about Nvidia; it is struggling to get over $179.
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Qorvo (QRVO)
Qorvo had a big day today, except it failed at resistance, $78.75. Ouch.
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