The week of May 20 will be quiet in terms of economics, with the just the Fed minutes on Wednesday afternoon. That means there will be plenty of focus on trade talks. Although from the sound of it, there aren’t many talks going on lately.

S&P 500 (SPY)

The S&P 500 has started to once again trend higher, off of Monday’s lows. However, we can also see there are downtrends in place. It makes for an interesting chart, to say the least, and very difficult to pick up a clear direction. However, what does seem clear that resistance comes around 2,890 and support comes around 2,836. So an increase or decrease at those levels will pretty much determine what happens next. Sorry, if it feels like I’m not giving you a definite answer, but this one isn’t easy to read.

NASDAQ (QQQ)

The NASDAQ chart for whatever reason seems a little bit clearer. We can see there is a clear uptrend in the RSI, and to me, that is the most important indicator, and as long as that remains the case, the index’s recent pullback isn’t likely to last much longer. Based on this, I wouldn’t be surprised to see the index over 8.000 relatively soon.

Amazon (AMZN)

Amazon appears to have broken out, rising above its short-term downtrend, and it looks like that breakout is being retested. But again, like the NASDAQ, the RSI is pointing higher, and that likely means the recent stock pullback is coming to an end.

Apple (AAPL)

Everything for Apple is broken, and for now, the stock needs to hold support at $182 or risk a steeper drop to around $165. The RSI is near oversold levels, and there is the slightest of uptrends to it, but the stock looks very fragile at this point, with the higher risk to falling, not rising.

Netflix (NFLX)

Netflix continues to trend higher, but the RSI is trending lower. That is “technically” a bearish divergence. I’m hoping that is not the case because I can’t afford to see the stock decline. Should it fall, the next level of support is at $329.

Salesforce (CRM)

Salesforce looks very ugly, and the stock moving sideways with an RSI trending lower is called a bearish divergence, and that is suggesting that Salesforce continues to fall. A drop below $153 could open the floodgates, for a stock that looks like it may have formed a triple top.

Micron (MU)

Micron’s chart looks broken with the risk to decline to $34. The RSI is declining and suggesting the stock continues to fall too. (premium content: AMD And Nvidia 2 Opposing Points Of View)