Economic data will take center stage today, starting at 10 am, with two significant reports, the ISM non-mfg and factory orders.

Stocks Slightly Higher on January 7 Ahead of Big Economic Data

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January 7, 2020

Stocks: MU, WDC, NFLX, M, SQ

Macro: SPY, Economics

US Markets

  • S&P 500 Futures +4 points
  • US 10-Year 1.81%
  • Dollar Index 96.80
  • VIX 13.85
  • Oil $62.94

International Markets

  • Japan +1.6%
  • HK +0.34%
  • Shanghai +0.69%
  • SK +0.95%
  • Germany +1.08%
  • UK +0.15%


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S&P 500 (SPY)

Stocks are pointing to a higher opening today with the S&P 500 futures up about 5 points. It is a reasonably dull morning at this point. At the moment, the S&P 500 is failing to get over resistance at 3,253. It will be necessary for the index to get over this region of resistance and not to fail here. The chart mildly has the look of a head and shoulder pattern on the intraday, which is one reason why I want to see the index get over 3,253.

It will be a busy day for economic data though, and that could spice things up. Today at 10 AM we will get Factory Orders, estimates are for a decline of 0.7%. Meanwhile, we will also get the ISM Non-Mfg Index, estimates are for 54.5. That will also give our next GDPNow readout for the fourth quarter.

S&P 500, spy

Micron (MU)

Micron is rising today after it was upgraded by Cowen to Outperform from Market Perform while raising its price target to $70 from $50. The stock has done a reasonably good job of hold support around the $54 level, and it looks like today it might get the chance to break out of this trading range.

micron, mu

Western Digital (WDC)

Western Digital was also upgraded by Cowen today to Outperform from Market Perform, with a price target of $88 from $45. I saw some bullish options betting in this stock last week and combined with the technicals; It seems it could be heading towards $76.

Western Digital, wdc

Square (SQ)

Square is moving up, and I continue to think this one is heading higher. It just needs to break this downtrend. – Square’s Stock Is Seeing A Positive Momentum Shift square, sq

Netflix (NFLX)

Netflix may also be breaking out of its trading range, and this morning is rising above resistance at $336. A push above $340 starts the process of refilling the gap.

netflix, nflx

Macy’s (M)

Hey, look at Macy’s rising, and reaching a critical resistance level at $17.40, break that, and the stock can be on its way to $19.50.

macy's, m

Have a great day.


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