Stocks Are Rising On February 3, But Rallies Are Not To Be Trust Yet

ISM MANUFACTURING REPORT AT 10 AM ET

China (FXI)

As we expected, China was down sharply, falling by as much as 9% to the start day, and managing to finish the day by around 8%.

 

South Korea (EWY)

The one positive was that the Kospi managed to finish the day flat, despite a steep decline at the open.

 

Hong Kong (EWH)

Meanwhile, Hong Kong managed to finish the day higher. 

 

S&P 500 (SPY)

Stocks are pointing to a higher opening follow a rough trading session on Friday and a sharp move lower in Shanghai. But despite the snapback on Monday, rallies are not to be trusted this moment. For the most part, it is because levels of resistance for the S&P 500 come at higher levels up at the trend line, around 3,275 on the S&P 500 futures, and due to the market nature to fill the gap, and use any strength for selling, until we can see the trend line retaken with a level of certainty. 

 

Roku (ROKU) 

Roku is rising some today, but resistance for the stock will come around $127 to $128. The trend is still lower.

 

Tesla (TSLA)

Tesla has been consolidating below resistance at $662, and a break out sends the stock higher towards $750.

 

Alibaba (BABA)

Alibaba is rising some today, but resistance for the stock comes around $211.

 

Amazon (AMZN)

Amazon is rising today and remembers that resistance remains around 2,060.

 

Netflix (NFLX)

Netflix is rising some with its next level of resistance at $362.

 

Good luck today!