Stocks Struggling To Post Gains On May 28 Ahead of Initial Claims
Michael Kramer | May 28, 2020 07:56AM ET
S&P 500 (SPY (NYSE:SPY))
Stocks are mixed this morning with the S&P 500 ETF (SPY) rising by about 15 basis points. Today is initial claims Thursday, and that usually turns out to be a good day for stocks. Why I’m not sure? Maybe, it is because the market believes the more people that lose their jobs will bring more relief aid to help support the economy. To this point, it seems that more assistance appears to be on hold, and with the market up substantially since the lows, it may not be helping itself.
South Korea had a pretty dramatic reversal overnight, falling by 13 basis points, but it had been up nearly 1% at the start of the day. The channel is still healthily, but this has been one of the hottest markets, so we need to watch for any signs of cooling.
NASDAQ (QQQ)
Well, this is interesting the NASDAQ is moving lower today, falling by 64 basis points. It comes after yesterday’s significant reversal lower and than higher. We will again be watching the NASDAQ trends, which admittedly have held where they are supposed too, but have been weakening.
I noted in an article for Forbes that Microsoft (NASDAQ:MSFT) is facing a decline as it is now breaking that uptrend, which has been in place for some time. I know, I have been saying the stock is heading towards $165, for weeks. Yes, but that is just how it goes sometimes. Free story – Microsoft’s Stock Faces A Sharp (OTC:SHCAY) Reversal
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Apple (NASDAQ:AAPL)
Apple is also nearing its uptrend, and make no mistake; these are significant uptrends, which is why I have been so focused on them.
Boeing (NYSE:BA)
Boeing is jumping today on headlines it will restart the production of the 737 Max. Resistance is at $158; it will be an interesting level to pay attention to. An increase above that price sends shares higher to $183, and failure back to $126.
Twitter (TWTR)
Twitter has been in the news, and the stock has been moving lower with a drop below $31.90, triggering a further decline to roughly $29.70.
Finally, thought I’d point out that Disney (NYSE:DIS) is trading now at 2000 bubble valuation levels.
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