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

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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