Stocks look to head higher once again as stimulus and positive earnings have the bulls on the run. The buyers are in full control as the S&P futures look to open well above yesterday close, which were the highest levels seen since the late February.
EU leaders have agreed on a stimulus package worth over $2 Trillion, which has helped bring global markets higher. Germany’s DAX index was higher by almost 2% as of this writing and has erased all losses for the year.
The stimulus has brought the gold buyers out, bringing the yellow metal to nine-year highs.
Positive vaccine news, earnings hopes and the potential for more stimulus in the U.S. have the bulls on parade again.
S&P Futures Trading Levels
The S&P futures currently sit at 3270, which is only 4% from all-time highs.
Support levels for the day will be 3258 and 3230.
Upside resistance is 3272 and 3288.
The current S&P trading environment is trending upwards and accelerating higher.
Three Stocks to Watch
IBM- Big Blue reported earnings last night, with a beat on the top and bottom line. The quarter was helped by growth in the cloud segment, while others segments struggled. The stock is trading up over 5% in the premarket.
KO- Coke beat Q2 EPS expectations by 2 cents and also beat on revenues. The stock was trading up almost 1%, but don’t expect much of a move. The stock has been stuck trading sideways for the last four months.
LMT– Lockheed Martin beat on both the top and bottom lines and raised FY20 revenue. The stock is up 3% premarket and looks to challenge its 200-day moving average at $383.
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