6 Stocks To Watch For The May 22 Trading Session
Michael Kramer | May 22, 2019 08:30AM ET
- S&P 500 Futures -2.25 points
- 10-Year Yield 2.42%
- Dollar Index 98.00
- Oil $62.60
- VIX 14.80
- Shanghai -0.49%
- Japan Nikkei +0.05%
- Hong Kong HSI +0.18%
- South Korea KOSPI +0.18%
- Germany DAX +0.30%
- U.K. FTSE +0.44%
This morning the S&P 500 is dipping a touch, but at this point, it hasn’t had a significant impact on the trends I was pointing out in last nights commentary. The chart of the S&P 500 ETF SPY shows that the uptrend is still in place, and we will continue to watch to see how the brewing storm plays out. I continue to think that the convergence of trends will result in the S&P 500, rising back towards 2,915.
Qualcomm is falling today after a federal court ruled that the company violated antitrust regulations. The Qualcomm is falling by about 8.5%. $70 is the significant support level that needs to hold for the stock, or it risks a decline back to $66. It makes you wonder why Apple (NASDAQ:AAPL) settled so quickly, or what the real fallout from the judgment will be.
Target is rising after reporting better than expected results. I still think the stock and the company are in tight spot battling giants Amazon (NASDAQ:AMZN) and Walmart (NYSE:WMT). One can see in the chart below that the stock is hitting up against resistance at $78.
Apple is sinking this morning, giving back some of yesterday’s gain. We see the downtrend is still very much in control. $182 continues to be a significant level of support.
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Facebook has fallen below support at $186 and is now struggling to rise back above it. For now, the uptrend is broken, and it could be suggesting the stock declines back to $173.
Bank of America is holding on to support currently at $28, but as I noted yesterday, I think the bank’s stocks could be heading lower. That means BofA could fall to around $26. Why Banks May Be Heading Lower
Analog Devices reported better than expected quarterly result on the top and bottom. However, the company issued downside guidance as a result of the Huawei ban. The chart looks like there is some strong support at $95, and the stock may be oversold. Perhaps too much has been taken out of this stock already.
Have a great day!
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