July 30 – Stock mentions: SPY, AMZN, BA, MU, MRK, LLY
- S&P 500 Futures – 6 points
- US 10 -Year 2.05%
- Oil $57.44
- Dollar Index 98.06
- VIX 13.23
- Japan Nikkei +0.43%
- Shanghai +0.39%
- HSI +0.14%
- KOSPI +0.45%
- DAX -1.16%
- FTSE 100 +0.02%
S&P 500 (SPY)
Stock are pointing to a slightly lower opening on July 30, and with the Fed meeting starting today and results tomorrow, it is hard to imagine that we see too much action today. Support will continue to be around 3,014 and 3,025 at least for today.
Micron was upgraded on July 30 at Morgan Stanley to Equal Weight from Underweight. The firm raised its prices to $48 from $31. The stock has been trending higher in recent weeks. Resistance for the stock appears to be around $54. The stock has a firm level of support in place at $45.50
Boeing continues to drift lower and is trading below $340 this morning. The uptrend appears to be breaking, and that can spell nothing but bad news for Boeing, with the chance for shares to fall to around $320.
Amazon is down about 1% this morning, and it is testing technical support once at gain at $1890. A break below this price push shares towards $1850. Premium Content: Why Amazon May Drop
Merck is trading higher today after it reported better than expected results and raised its full-year guidance. The stock has been steadily trending higher, and $88 would put the stock the upper end of the trading range.
Eli Lilly (LLY)
Eli Lilly is rising today after reporting better than expected results. However, the stock is still in a downtrend putting resistance at $112.
Have a great day!
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.