Stocks are set to rise on May 5, ahead of some key economic data that will come quickly after the market opening.

Stocks Will Try To Make It 2 Up Days In A Row, On Turn Around Tuesday

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MAY 5, 2020



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Stocks are rising today, with the SPY up about 70 basis points, building on yesterday’s late-day surge. But today is going to be a big day when it comes to economic data, with the service PMI data at 9:45 and the ISM non-manufacturing report.

S&P 500 (SPY)

We can see that the S&P 500 futures, for now, are trending higher and trying to recoup some of the loss from late last week, but again the long-term uptrend is broken, and 2,900 is the big resistance level, and 2,800 the significant support level.

S&P 500 futures

Nasdaq 100 (QQQ)

The Q’s are approaching resistance, which is the uptrend up for the March lows.



I will continue to be watching the 10-year yield, and its potential for a move lower towards 0%. A drop in the 10-year would not be a good sign for the bank stocks.


Amazon (AMZN)

Amazon is trying to bounce, holding the uptrend, but that means resistance is at $2,440. amazon, amzn

Apple (AAPL)

Apple appears to have an ascending triangle, with the next level of resistance around $305.


Caterpillar (CAT)

Meanwhile, support for CAT must hold at $107 to avoid a drop to $91.


Boeing (BA)

Finally, Boeing appears to be forming a descending triangle, and a potential drop to around $102. boeing, ba


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