Today is the quarterly quadruple witching day. Please pay attention to expiring options or futures contracts. Roll over or close positions in advance. No economic data will be released before market open. At 9 a.m., the leaders of China and the U.S. will have a phone call. The market is waiting for more news.
The Japanese government will gradually reduce its ETF holdings. The Nikkei index is moving lower after trading at high levels. U.S. stock index futures are slightly higher but still range-bound before market open. Individual stocks are mixed, with small moves and no clear hot sector.
Logistics giant FDX reported earnings above expectations. The stock rose slightly. Real estate company LEN, supported by Buffett, showed lower revenue and weaker profit. The stock fell 3%. Barclays and TD upgraded MU, a storage chip stock that has been very active this week. But MU fell 4% before market open.
SPY tested $663 during the day. The key level to watch is still $667. A breakout could shift the short-term trend channel upward. On the downside, support is near $659. If it breaks again, watch $653.
Recently strong sectors are chip equipment, financials, and quantum computing. But these stocks have already gained a lot. Be careful of profit-taking and avoid chasing highs. The seven big tech leaders are still consolidating below resistance. Watch if they can break upward. AAPL is already near $241 pre-market. GOOGL is near $255. TSLA has first resistance near $422. For a bigger move, it needs to hold above $430. META is facing resistance near its high. Other stocks follow the same idea.
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