Surging Oil Price Probably Won’t Sink The Stock Market Today

US Markets

• S&P 500 Futures -12 points
• US 10-Year Treasury 1.85%
• VIX 15.11
• Dollar Index 98.44
• Oil $60.14

International Markets

• Japan Nikkei +1.05%
• HK HSI -0.83%
• Shanghai -0.02%
• South Kospi +0.64%
• Germany DAX -0.51%
• FTSE -0.14%

Macro

Oil

Oil prices are rising today following the drone attacks. However, at the moment prices are well below resistance level at $61.70. So we can continue to watch, I don’t expect the prices to stay at these levels above $60 for too long.

S&P 500 Futures (SPY)

I know futures are down, but I don’t expect this to be a big down day, not based on international trading. I think it is more likely the markets finish higher today. S&P 500 futures have recovered mainly a good portion of their losses from overnight, and the trend for the market is still mostly higher.

Stocks

Booking (BKNG)

Booking is nearing a big level of resistance at $2,080. I think an increase above that level can get the stock moving back to its all-time highs.

Chevron (CVX)

Chevron is rising today up to resistance at $127.25. Be careful; the stock has failed at that price three times since late 2018.

Tesla (TSLA)

Tesla is consolidating nicely just below resistance at $253 and could be gearing up for a test of resistance at $261.

Roku (ROKU)

Roku is trading down this morning and nearing support at $143. A drop below that support level sets up that next leg lower.

AMD (AMD)

AMD continues to look very weak, and I continue to believe that the stock is likely heading lower. A drop below $29.40 could result in a decline to around $27.25.  

Have a good day.