August 8 – Stocks to watch: SPY, YELP, TTD, OSTK, AMD, ROKU
- S&P 500 Futures +6.5 points
- US 10-Year Treasury 1.72%
- Dollar Index 97.59
- Oil $52.08
- VIX 19.5
- Nikkei +0.37%
- China Shanghai +0.93%
- HSI +0.48%
- South Kospi +0.57%
- UK FTSE +0.17%
- Germany DAX +0.74%
S&P 500 (SPY)
Stocks are pointing to a higher opening on August 8. We will see where things go from here but based on what I mentioned yesterday; I continue to believe the path for the market is higher from here. 2,890 to 2,900 is the region for the December uptrend that we need to know rise above, and based on the futures; it seems we should retake that level today.
It sets up resistance around 2,915 at the gap fill. Then we find out if 3,000 or 2,825 is in the cards. Premium video: Signs Of A Market Bottom Are Forming
It is also worth noting that spread between the S&P 500 dividend yield and the 10-Year is firmly inverted now, with the 10-Year at roughly 1.7% and the SPY dividend yield at 1.88%.
Again, if history is on our side, then it would suggest that a long-term rally is in the not to distance future.
Stocks To Watch
Yelp has been trending lower recently, and it appears that for now, the stock is heading towards that powerful level of support around $29.40.
Overstock has been trending higher since breaking out in July. The stock appears to be ready to move higher towards $25.25.
The Trade Desk (TTD)
The Trade Desk has been rising in a channel for some time. But the RSI is diverging lower. The stock may be getting ready for a change in direction lower, for now support is at $231.
Roku is rising after delivering better than expected results. I still think one should proceed with caution here, with support around $100 and then $94.
AMD is rising today after announcing the launch of its second-generation EPYC processor. The stock could see upside limited to around $31.40.
Have a good day.
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