Trends For Stocks Remain Strong, Despite Weak Opening On January 15

S&P 500 (SPY

Stocks are setting up for a slightly lower opening on January 15. The S&P 500 futures are currently trading lower by 3.5 points. It follows what has generally been a lower overnight session across Europe and Asia. Again, there is not much that has changed for the futures or the cash market over the past several days.

s&p 500, spy

 

Beyond Meat (BYND) 

Beyond Meat is trading lower today after a pretty wild trading session on January 14. The stock appeared to have a blow-off momentum yesterday between the bump and run reversal pattern in the morning and the massive surge in volume. Now the short-term uptrend is breaking, and perhaps the momentum trade is broken, with shares falling back to $108, and possibly back to $100. 

Of course, a downgrade by Bernstein Market Perform from Outperform with a $106 price target likely won’t help either. 

beyond meat

 

Roku (ROKU)

Roku continues to trend lower, and so does the RSI. The stock is likely setting up a move lower to around $116. The falling triangle looks very strong.

roku, roku

 

 

Taiwan Semi (TSM

Taiwan Semi will report results tomorrow, and the pattern in the chart remains bullish with that rising triangle still in place. I still think there is a good chance it rises following results to around $64.

taiwan semi, tsm

 

Cisco (CSCO)

Cisco has been consolidating nicely around this $48.20 region, and it about time for it break out of this range and move higher back to $50.25.

cisco, csco

 

Microsoft (MSFT

I wrote this article the other day for Forbes, noting some bullish option betting for Microsoft and the potential for shares to rally following results to around $177. 

Microsoft, msft

 

Disclosure: Michael Kramer And The Clients Of Mott Capital Own CSCO And MSFT

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

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