Stocks Are Pointing To Higher Opening On Cyber-Monday

US Markets

  • S&P 500 Futures +4.5 points
  • US 10-Year 1.85%
  • VIX 12.94
  • Dollar Index 98.30
  • Oil $56.43

International Markets

  • Japan +1.01%
  • China +0.13%
  • HK +0.37%
  • SK +0.19%
  • Germany -0.30%
  • UK -0.08%

Stocks are pointing to a higher for the S&P 500 after some manufacturing data continues to show improvement. Germany Manufacturing PMI came in at 44.1 versus estimates for 43.8, and up from last month’s 42.1. Also, the China Caixin PMI came in 51.8 versus forecasts for 51.4, and up from 51.7 last month. Meanwhile, the official PMI came in 50.2. 

We will get our own PMI readings today, with the ISM reading at 10 AM. The reading is expected to rebound to 49.4 from 48.3 last month. 

S&P 500 (SPY

The futures have been drifting lower despite starting the day higher and based on the current levels, the cash market should open right around resistance at 3,150. If we can manage to get above 3150 today, then perhaps the next level of resistance would come around 3,200. But until the index can break above that region of resistance, I think we continue to hang in a holding pattern and trade sideways, until reaching the lower side of the trading channel. 

S&P 500, spy

Splunk (SPLK)

Splunk is catching a big today after receiving an upgrade from Goldman to buy from neutral while raising its price target to $180 from $147. The stock broke out of a significant level of consolidation between $108 to $141. The $141 level should offer plenty of support going forward, and the stock could be heading to $161.

Splunk, splk

 

Roku (ROKU

Roku was downgraded to underweight from equal-weight at Morgan Stanley, and its price target was raised to $110 from $100. The RSI continues to trend lower, which continues to suggest to me longer-term the stock is heading lower. A break below $150, starting pushing it to $135.

roku, roku

 

 

Biogen (BIIB)

Biogen was downgraded to underperform from neutral with a $250 price target at Baird. The stock has failed on three occasions at a price of around $310 three times and now could be set up to retest support $280.

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Disclosure: Michael Kramer And Clients Of Mott Capital Own SPLK

Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice when the market ...

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Craig Newman 2 months ago Member's comment

$ROKU Downgrade to $110 so?? "Pump & Dump" Cyber Monday??