US MARKETS

• S&P 500 Futures +13.50 points
• US 10-Year 1.75%
• VIX 15.10
• DOLLAR INDEX 97.66
• OIL $57.10

INTERNATIONAL MARKETS

• JAPAN -1.05%
• HK -1.25%
• SHANGHAI -0.23%
• SK -0.73%
• GERMANY +1.16%
• UK +0.06%

MACRO

Germany’s market is bouncing back today, rising by over 1% after their services PMI came in 51.7 versus estimates 51.3, and last month’s reading of 51.6.

But more importantly, the US markets are bouncing back this morning, with the S&P 500 futures pointing to a higher opening. The S&P 500 found meaningful support yesterday around 3,080 and based on the futures, the S&P 500 is ready to test resistance today at 3,110. Hmm.. sounds familiar?

The S&P 500 fell to exactly where it was supposed to fall today, as I noted last night, before the “trade fears” took the market by storm, to 3,080. That region held firm and bounced. Now there is a gap to fill up to 3,110 tomorrow.

Oh yeah, I said that last night, before knowing any of today’s headlines. So either I’m psychic, which I am most definitely not, or the market is just purely trading off technicals from an overbought region, which seems way more likely. Take all the headlines, and forget them; they are meaningless at this point.
What will matter today is the ISM services index at 10 AM. Pay close attention to the details.

STOCKS

Nvidia (NVDA) 

Nvidia should be on watch today; the stock is bouncing back from yesterday’s sell-off. $212 has acted as a region of support and resistance. Now the stock will need to try to get back over $212, which may prove to be more challenging then it appears. Bearish momentum seems to be building as measured by the RSI.

ROKU (ROKU) 

Roku is bouncing back some after Monday’s sharp decline. $150 is once again a region of resistance that needs to be on watch. If the stock gets over $150 and the stock will work to fill the gap up to $161.

AMD (AMD)

I will be watching $39.50 for AMD; it becomes a significant price point. It will likely signal if shares are heading back $40.50 or $37.20.

Salesforce (CRM) 

Salesforce is falling after reporting results last night. Resistance comes at $161; the stock has been struggling at that price.

-Have a good one.