In Thursday’s premarket, stock index futures are trading above fair value, with the Dow up around 200 points and Nasdaq futures nearly 300 points higher. Key market movers include Chinese government stimulus and earnings reports from Micron and Intel. Micron, currently trading near resistance at the top of the Flypaper channel, could push higher, with targets set at 112.50 and beyond. Intel, approaching the $25 level, faces significant congestion, and a breakout would require major news.
Additionally, financial stocks and bonds show signs of weakness, while tech giants like Nvidia and Shopify continue to surge. Nvidia hit new highs, nearing its August peak, while Tesla, Taiwan Semiconductor, and other semiconductor stocks are also seeing gains. Meanwhile, crude oil continues its downtrend, providing some relief for consumers but posing challenges for the energy sector.
Stephen Whiteside
TheUpTrend.com
Thursday, September 26, 2024
