Morning Scoop
Yesterday, the markets seemed to have a case of the Monday blues, with a lackluster and unconvincing performance . But hey, today’s a new day, so let’s hope for some better price action in the markets!
Markets
📰 News
- Disney has announced a plan to part ways with 7,000 employees as part of an effort to cut costs.
- Alibaba has split off into 6 entities and plans IPO’s. Stock up pre-market, moving other China names with it.
📈📉 S&P 500 Futures Update
Right now, the markets seem to be playing a bit of a waiting game, stuck in a tight range. Taking a peek at the 15 minute chart, we can see that we’re holding right at our current support level. We moved below the moving average, and other indicators are pointing down as well – not the most encouraging signs.
🔮 Forecast
Ideally, we get a a fakeout here, where price pushes a little further down but then bounces back and reclaims this level. If we can make that happen, we might see some upward momentum for the day! But if not, we might be in for some more downside. Either way, we’ll keep our eyes peeled and our hopes high.
Wrap-up
And that’s a wrap for now – today I’ve got my eye on MSFT, which seems to be stuck in a bit of a square dance, moving in a tight range and waiting for a breakout to the upside. Unfortunately, the rest of the market seems to be a bit weak today, and as I type this, everything is creeping down below my levels. So for now, I’ll probably just sit tight and watch what happens – no need to jump in if everything’s looking a little iffy.
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