Stocks Are Trying To Rebound On February 10, Testing Resistance
S&P 500 Futures
Stocks are bouncing around this morning with futures moving between positive and negative. The S&P 500 futures fell to around 3,310 overnight but held that level and bounced higher back to 3,328. So we enter the morning with the futures down about 0.25 points with resistance around 3,336
Japan/ South Korea
It follows an overnight session that saw markets like Japan and South Korea fall sharply to start the day, but found some stable levels of support and managed to finish the day well off the lows.
Tesla (TSLA)
Tesla shares are rising sharply on news that the company restarted production at its Shanghai factory today. The next area of resistance at $845.
Skyworks (SWKS)
Skyworks was initiated with overweight at Wells Fargo with a $142 price target. The stock has found a healthy level of support around $112.50 and should serve as a starting point for the stock to rebound to around $122.
Nvidia (NVDA)
RBC raised its price target on Nvidia today to $301 from $251 ahead of results later this week. The chart still looks strong, and I think a move higher towards $268 seems reasonable.
Amazon (AMZN)
Amazon is rising some this morning and I think the stock is likely to retest resistance around 2,135.
Roku (ROKU)
RBC mainted its buy rating and $160 target on Roku heading into results. We will see later this week about that, there are still alot of negative forces at work in this stock.
Disclosure: Michael Kramer And The Clients Of Mott Capital Own SWKS, TSLA
Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice ...
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