Stocks Are Pointing Lower Ahead Of Expected Vaccine Data
Michael Kramer | Jul 20, 2020 08:13AM ET
Stocks are slightly lower this morning with the S&P 500 dropping by about 35 basis points on the SPDR S&P 500 (NYSE:SPY). The futures had been lower overnight, and appear to be trying to bounce back.
Perhaps the markets are getting ready for vaccine data to be published in the Lancet from AstraZeneca (NYSE:AZN). Not sure what time that comes out today. Astra Zeneca is trading lower by nearly 2%.
S&P 500
At this point, there isn’t much that has changed, with resistance on the S&P 500 futures still around 3230.
Copper
Copper, a critical risk-on gauge, has been grinding higher along with the uptrend. If the uptrend should break, it would be bad for copper and bad for the market.
Facebook (NASDAQ:FB) is trading lower this morning on reports that Disney slashed its ad spending on the platform. Again, we discussed this at some point over the weekend, and the chart indicates that the stock is going nowhere fast. With a likelihood, it heads lower.
Zoom
Zoom (NASDAQ:ZM) is trading lower today, and as we have been discussing lately, I continue to believe that the stock is heading lower with its next level of support around $227.
Netflix
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Netflix (NASDAQ:NFLX) will have a big test today at resistance at $495. If the stock can advance beyond resistance, then it is likely to start the gap-filling process back to $525.
GE
On Friday, I noted a lot of call activity in GE, and how it seemed that the stock might be forming a bullish reverse and head and shoulders pattern. The first significant level to watch for comes around $7.65. The trend for the RSI suggests the stock continues to rise.
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