January 6, 2020
Stocks: CRM, AAPL, GOOGL, FCX
Macro: SPY, Gold, VIX
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN GOOGL AND AAPL
- S&P 500 Futures -18.5 points
- US 10-Year 1.79%
- Dollar Index 96.64
- Oil $63.61
- VIX 15.70
- Japan -1.91%
- HK -0.79%
- China -0.01%
- SK -0.98%
- Germany -1.39%
- UK -0.93%
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S&P 500 (SPY)
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.
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.
The VIX is moving slightly higher today but continues to hold the overall downtrend, another positive signal.
It will be an essential day to watch Gold, as the metal crosses a big level of resistance at $1,556.
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.
Alphabet received an upgrade to Buy from Hold with a price target boost to $1,650 from $1,445. Based on the chart, the next level of resistance is around $1,435.
Apple was downgraded 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.
Freeport is falling this morning on weaker copper prices. The next level of support is around $12.30.
Have a great day!