S&P 500 (SPY)

Stocks are rising here in the US, despite a mixed overnight trading session. Currently, the S&P 500 minis is trading up 27 basis points to 3495. The RSI is now at 79, and the upper Bollinger band has been breached. The last time the RSI was higher was in January 2018. Based on the chart, it could continue to rise to around 3,600. 

The index is extremely overbought and this puts it in hazardous territory. When the market gets this overbought, it doesn’t take much for momentum to shift quickly and unexpectedly.  

Dollar 

The dollar is sinking today after Shinzo Abe said he’d resign from his post as Prime Minister of Japan. This is causing a big risk-off move in Japanese equities, and a big push into Yen. As a result, the dollar is weakening and we see yields in the ten-year moving lower. This is an essential level for the dollar, and not what I had been expecting would happen. 

Semis (SMH)

We should most likely watch the SMH closely. It looks like it is retesting the breaking of its uptrend. This could mean that the ETF is heading lower from here. 

AMD (AMD)

AMD has struggled around resistance at $86.50. It is a significant level, as it could develop a double topping pattern - a reversal pattern.

Intel (INTC)

Intel is the only stock that doesn’t seem to go up these days. This means that there is a possibility to move lower to $47.60. 

Skyworks (SWKS)

Skyworks broke that significant uptrend, and if it suggests a reversal of the trend, then $128 would be the next level to look for. 

Qorvo (QRVO)

We can see that Qrovo has started to roll over as well, with the potential to fall back to around $115 and fill the gap.