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FEBRUARY 17, 2020
STOCKS: NVDA, INTC, GOOGL, V, XOM
MACRO: SPY, FXI, EWG
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Stocks around the globe continue their grind higher with Europe piecing together a solid outing despite the US being closed on February 17.
The German DAX continues to increase, extending to another record high on February 17. Again, this continues to confirm that the US market’s advance is not contained to itself, and that it remains a global market rally.
The Shanghai Composite also had a strong session rising by more than 2% and has now recovered all of its losses from the coronavirus sell-off that followed the Lunar New Year break.
S&P 500 (SPY)
Meanwhile, the S&P 500 futures have been trading higher all day, rising by roughly 20 basis points to a 3,388. 3,400 is less than a day’s worth of trading at this point. However, based on current trends, I would think that after 3,407, which is the level of resistance I have noted, we could rise to around 3,470 in the futures. – Premium content – The Week Ahead- No Sign Of Stocks Slowing Down
Nvidia will be on watch tomorrow after it’s significant post earnings rise on Friday. The stock has come a long way, and that is because the business has come back. But now the stock finds itself at a wall of resistance at $293, and the shares are no longer a bargain. It means the road ahead may not be as smooth as in 2019. Watch for a gap fill down to $273. I talked about it more in this article I wrote for Forbes last night- Nvidia’s Stock Faces A Rough Road Ahead
Alphabet looks to be consolidating nicely around the $1,520 region, and I think that sets up that jump to $1,600 we have been waiting on.
Visa is very close to a new high, and it looks like it may head to $221.
Exxon Mobil (XOM)
Have a good one
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