Individual Stocks Continue to Trade Well Ahead of CPI

Can bulls sustain the gap-up?

Technical Edge 

• NYSE Breadth: 72% Upside Volume

• Advance/Decline: 65% Advance

• VIX: ~$15.50

The indices appear tired, but the seemingly never-ending bull trend is helping to keep a bid below the surface. And despite the steady rise in yields and the steady offer in bonds, tech continues to hold up surprisingly well. 

Growth stocks — with ARKK used as the proxy — continue to show promise, while other individual setups look promising as well. We’ll look at four below after the indices. 

Let’s get after ‘em. 

SPY

Daily-up over ~$440 can begin to open the door back up to the jobs-day high near $442.50 and that larger resistance zone near $444. Watch Monday’s high because as of 9:00 a.m., we’re set to gap over it. Bulls need to hold that level if SPY sells on the opening gap. 

• Upside Levels: ~$442.65, ~$444 resistance

• Downside Levels: $440 (pivot), $437, $435, $430

S&P 500 — ES Futures

Zooming in with a 1-hour chart below. If the ES can gain traction over the 4455 area, it opens the door to 4465, then that key 4475 to 4480 area. The latter is the high from Friday and the 78.6% retracement from the recent low back to the 2023 high. 

• Upside Levels: 4455, 4465, 4475-80, 4490-98

• Downside levels: 4419, 4411, 4395-4400, 4370

SPX