Stock Market Will Attempt To Resume Record Gains Today
Michael Kramer | May 01, 2019 07:16AM ET
- S&P 500 Futures +10
- US 10 Year 2.5%
- Oil $63.50
- VIX 12.90
- Dollar Index 97.35
- Most major markets closed for May 1
- ADP (NASDAQ:ADP) Job Report +180K
- ISM Mfg. Index 55
- FOMC Rate Decision
The stock market will try to resume its record gains today, and with the futures pointing to a higher, it seems it may be the case. 2,960 may be the next level of resistance for the S&P 500. It gets harder to figure these levels out daily given there are no overhead resistance levels. But I’m basing 2,960 off the channel the index has been rising in.
Apple Inc (NASDAQ:AAPL) is the big story this morning rising following results to around $212. The key here is that the stock is trading above resistance at $209. It sets up a move to about $217.
Advanced Micro Devices Inc (NASDAQ:AMD) is also rising this morning following its results, and Cowen raised its price target on the stock to $36 from $33. The stock is hovering below crucial resistance at $29.40, should the stock rise above that level it has room to run to $31.50.
NVIDIA Corporation (NASDAQ:NVDA) is rising this morning along with AMD, and the next significant level of resistance comes around $185.25 with the potential for the stock to increase to about $198.
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Nuveen Select Tax-Free Income Portfolio (NYSE:NXP) will try to rally again today following yesterday significant rise. The stock stalled out at resistance around $106 and could be on its way to $115.
Skyworks Solutions Inc (NASDAQ:SWKS) an Apple supplier, will report results tomorrow night and its next level of resistance comes around $93.70, with the potential to rise to about $100.
Square Inc (NYSE:SQ) will report results tonight, but the chart suggests the stock may fall with the potential to around $65.50.
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