Stock mentions: TGT, MY, NVDA, AMD, ROKU
Macro mentions: SPY
- S&P 500 futsures -7 points
- US 10-Year 1.75%
- Dollar Index 98.02
- VIX 13.30
- Oil $55.57
- Nikkei -0.62%
- HK -0.75%
- China -0.78%
- Kospi -1.3%
- FTSE -0.86%
- DAX -0.56%
S&P 500 (SPY)
Markets are pointing to very welcomed move lower on November 20, on what I would consider trade war nervousness after the Senate passed a bill on supporting HK autonomy.
However, despite the mild pullback, the S&P 500 futures trend is still higher.
Target is having a good day after reporting strong results and is rising by 10.5% and a new high. But don’t look for the stock to help the discretionary group too much, because Target has a rather small weighting in the sector, when compared to Amazon, Walmart, and McDonald’s.
All the gaps in Roku are now closed, and on a down day in the market, we will see if the buyers turn sellers. Support for the stock doesn’t come until $135.
Marketwatch seemed to like my call on AMD last night, and the stock is no less overbought than it was yesterday. The stock is very overbought and needs to cool off with a decline to around $37.20 on the table.
Micron is continuing to decline and is now on the trend line, which is so important. Should that trend line break, the stock is likely to fall to $42.
Nvidia is also showing some signs of weakness as it faces stiff resistance at $212 and is now beginning to trade lower with the next meaningful level of support at $198.
Have a good one
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