- S&P 500 Futures +9
- 10-Year Rates 2.38%
- Dollar Index 97.54
- Oil $62.50
- Vix 15.88
- Japan Nikkei -0.59%
- Shanghai +0.58%
- Hong Kong HSI +0.02%
- South Korea Kospi -1.2%
- Germany DAX +0.67%
- UK FTSE +0.23%
Sorry, today’s write-up is a little bit abbreviated as I have to get out early today.
S&P 500 (SPY)
At the moment equities are pointing to a higher opening on May 16 and should that happen the S&P 500 is likely to cross above the downtrend that has been in place since May 6. It would be a positive development for the equity market and put the index on a path to close the gap up to 2,880. The chart below of the SPY (NYSE:SPY) ETF gives us a good sense of how the S&P 500 is setting up for the start of the day.
s&P 500, spy, may 16
Cisco (NASDAQ:CSCO) is jumping this morning by over 3% after the company reported better than expected quarterly results. The stock faces a resistance level at around $55. If that level is taken out, the stock has an excellent chance to get back to it recent highs.
Micron Technology Inc (NASDAQ:MU) continues to feel the pressure of the trade war, and shares are falling today. It does set up a potential retest of its recent lows around $37.
Netflix Inc (NASDAQ:NFLX) will continue to try to rebound, and at least for yesterday $341 continues to hold as support. For now, $378 is the upper end of the range. The stock continues its consolidation. However, the RSI is still pointing lower, as of now it is tough to say that the stock is going to rise much higher than $378 at this point.
Walmart Inc (NYSE:WMT) reported better than expected results on the bottom line but missed on revenue. The only negative seems to be that e-commerce growth came in at 37%, which as a bit slower than the 40%+ in prior quarters. There is some fierce resistance around $103, which appears is going to be hard to top, even with today’s results. The stock is trading up around 0.5% as of 7:15 am.
Intel Corporation (NASDAQ:INTC) is trying to emerge from its slump and if it can rise above $46 it could set up a move to around $47.70.
intel, intc stock may 16
5 Stocks To Watch Today: Cisco Jumps This Morning
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