Stocks Are Pointing To Slightly Higher Opening, But Are Likely To Fall

US Markets

S&P 500 Futures +2.5 points
US 10-Year Yield 1.84%
Dollar Index 97.79
Oil $56.98
VIX 13.16

International Markets

Nikkei +0.22%
KOSPI +0.07%
HSI +0.02%
China -0.43%
DAX +0.14%
UK +0.08%

MACRO

Declines Ahead For SPX

S&P 500 Futures are trading just slightly higher, and the general mood of the market still feels tired to me. It would continue to suggest that the index declines to some degree, nothing dramatic, and likely short-term. The first level of support comes at 3,065 and then 3,038.

S&P 500, spy

STOCKS

Taiwan Semi is Overbought

Taiwan Semi (TSM) appears to be utterly overbought at this level, and a decline to $52.20 seems possible. The stock hit our target of $53.50 that I first laid out on October 11.

TSM,

Shopify Looks Ugly

Shopify (SHOP) looks very weak, and one needs to watch for support at $286.

shopify, shop

Roku is Broku

Roku (ROKU) will report results today after the close. People ask what I think; I don’t like it, I think it is overvalued and is widely believed to be something it isn’t. Some tend to think I don’t understand it. I do; trust me. If you took the 10 minutes required to read the S-1 or 10K, you’d feel the same way. Their method to calculate ARPU would be the first warning sign. Good luck. $122 or even lower seems possible.

roku