Stocks Are Pointing To Lower Opening on November 11

US Markets

• S&P 500 Futures -12 Points
• US 10-Year – Bond Market Closed
• Dollar Index 98.26
• Oil $56.36
• VIX 13.29

International Markets

• KOSPI -0.61%
• Nikkei -0.26%
• China -1.83%
• HK -2.62%
• UK -1.28%
• DAX -0.53%

Stocks are falling here in the US, but given the move lower in some international markets, the declines don’t seem all that bad. Stocks in HK and China tumbled as tensions increased in HK after two protestors were injured.

 

S&P 500 (SPY)

With the S&P 500 futures are pointing to a lower opening, we can look for support in the index at 3067. Based on prior days trading, pullbacks to this point have been bought.

Micron (MU)

Micron is falling today after Mizuho lowered its price target to $50 from $53. The stock has been struggling of late, and support for the stock comes around $45.50.

Cisco (CSCO)

Cisco is trading lower this morning after Piper downgraded the equity to neutral from overweight and cut its price target to $51 from $55. The stock should find a layer of technical support around $47.90.

 

Qualcomm (QCOM)

Qualcomm is also trading lower today after Morgan Stanley downgraded the stock to Equal Weight. The stock has had a huge move higher in recent sessions, and will likely find support around $88.30. However, it isn’t likely to be that bad today.

Alibaba (BABA)

Alibaba is seeing record sales for its singles day event. Still, the stock is not moving higher. There is a gap that needs to be filled at $184.

Have a good one.