S&P 500 (SPY)
The S&P 500 had a decent day considering its sluggish start. It seems pretty clear at this point that the trading channel continues to hold steady. The index bounced exactly where it should.
The Russell had a rough day, but it managed to hang around support at 1,593. Today’s declines do not seem disastrous or change my thesis for higher prices.
Apple Inc (NASDAQ:AAPL) is rising after it crushed estimates on both the top and the bottom. The company also guided the fiscal third quarter to $53.5 billion at the mid-point, ahead of estimates for $52.09 billion. The company saw strong growth in services and wearable.
When thinking about this company and its move away from only the iPhone we need to think about its biggest growth drivers right now, services and wearable. When combining those two groups, they now account for over 28.5% of the companies total revenue. Suddenly, when you lay the chart out, you can see closer how the two are coming together.
For now, the stock is testing resistance at $209, and should it rise above that price it could push towards $217.
Advanced Micro Devices Inc (NASDAQ:AMD) is soaring after hours rising to $29.30, after inline results, while revenue guidance for the second quarter appears to be in-line with estimates at $1.52 billion. Overall, it was an as an expected set of quarterly, results, and following Intel’s results, I’m sure it calms a lot of nerves around the stock. $29.40 is the big level of resistance in the stock, and should it rise above that price it has room to move to $31.40. I think it does tomorrow, but see how the conference call goes. On the surface, all looks good.
NXP Semi (NXPI)
NXP Semi had a huge day rising over 8% and moving to resistance at $106. A move above $106 sets up a path to $115.
Michael Kramer owns IWM Calls
Stocks Remain Resilient, Apple And AMD’s Results In Focus
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