S&P 500 (SPY)
Stocks futures have been volatile, with the S&P 500 trading as low 3009 and trading as high as 3050. The broker-dealers are still very much controlling the trading range we spoke about Friday. So for now, there isn’t much of anything new to say, with 3050 remaining resistance and 3000 remaining support for now. But that is likely to change today, once we get the ISM manufacturing data at 10 am.
I have no idea if this data will be good or bad or what it will say, so it is impossible to know which way the market will break. But the trends, for now, have been higher, and that is hard to fight until proven otherwise.
SP 500 Emini Futures Chart
COPPER
Copper prices are moving slightly lower today, and remember that copper and the Nasdaq 100 have been highly correlated the past few weeks.
CFDs On Copper
DOLLAR INDEX (DXY)
The dollar index is also moving lower today, and it is starting to show some signs of weakness.
USD Index Chart
MICRON (MU)
Micron (NASDAQ:MU) hasn’t performed particularly well since upping its guidance for the quarter. $49.80 is the critical level. If the stock keeps failing at that price, it likely means that the good news won’t be enough to lift shares. If you are a bull you need to see Micron move higher.
Micron Chart
PFIZER (PFE)
Pfizer (NYSE:PFE) is moving sharply lower following after reporting some disappointing cancer data. The stock held support at $34.90. That’s important, but $37 is likely to serve as resistance.
Pfizer Chart
MICROSOFT (MSFT)
Microsoft (NASDAQ:MSFT) is still hugging the uptrend, and either the stock is going to breakdown or breakout soon. If the stock continues to hold on to that uptrend, then there is a good chance that the stock is forming an ascending triangle. We will find out one or another over the coming week.
Microsoft Corp Chart
FACEBOOK (FB)
Facebook (NASDAQ:FB) has moved back into the trading channel over the past few sessions. Again, if you are bull, you need Facebook to continue to push higher in this channel. A break below the lower channel band would not be positive.
Facebook Inc Chart
