Home ยป Stocks Are Pointing To A Lower Opening on January 6, For Now

Stocks Are Pointing To A Lower Opening on January 6, For Now
Stocks are pointing to a lower opening on January 6, but have found some support from Friday's low, while Gold is on watch.

Stocks Are Pointing To A Lower Opening on January 6, For Now

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January 6, 2020

Stocks: CRM, AAPL, GOOGL, FCX

Macro: SPY, Gold, VIX

MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN GOOGL AND AAPL

USย 

  • S&P 500 Futures -18.5 points
  • US 10-Year 1.79%
  • Dollar Index 96.64
  • Oil $63.61
  • VIX 15.70

Internationalย 

  • Japan -1.91%
  • HK -0.79%
  • China -0.01%
  • SK -0.98%
  • Germany -1.39%
  • UK -0.93%

Premium Content on Reading The Markets Sector Rotation On Watch For The Week Of January 6ย — Get the first two weeks for free

S&P 500 (SPY)ย 

Stocks are pointing to a lower opening with the S&P 500 future, indicating a drop of about 40 basis points. Interestingly, the S&P 500 futures are finding a modest bounce this morning off the Friday lows. This is something worth watching as the day continues.

S&P 500, spy

The good news is that the RSI continues to come down, falling to around 61. I view this as positive and should add longevity to the rally, as it didn’t take much of an overall decline to pull the RSI lower.

RSI

VIXย 

The VIX is moving slightly higher today but continues to hold the overall downtrend, another positive signal.

vix

Gold (GLD)

It will be an essential day to watch Gold, as the metal crosses a big level of resistance at $1,556.

gold

Salesforce (CRM)

Salesforce was upgraded to Top Pick at RBC. I have been watching CRM closely in recent days as near a potentially big break out at $167.

salesforce, crm

Alphabet (GOOGL)ย 

Alphabet received an upgrade to Buy from Hold with a price target boost toย $1,650 from $1,445.ย Based on the chart, the next level of resistance is around $1,435.ย 

alphabet, googl

Apple (AAPL)ย 

Apple wasย downgradedย to a Buy from a Strong Buy at Needham but had its price target raised to $350 from $280. Still, shares are lower this morning, and that means support comes around $291.

Apple, aapl

Freeport (FCX)ย 

Freeport is falling this morning on weaker copper prices. The next level of support is around $12.30.

fcx

Have a great day!
-Mike

Mott Capital Management, LLCย 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.ย