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

MAY 5, 2020

STOCKS – AAPL, AMZN, CAT, BA

MACRO – SPY, QQQ, TLT

Michael Kramer and the Clients of Mott Capital own AAPL

Mike’s premium content – 

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. 

qqq

10-Year

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.

10-year

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. 

APPLE, AAPL

Caterpillar (CAT)

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

cat

Boeing (BA)

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

-Mike

Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.