|Day's range||6,801.5864 - 6,843.2383|
|52-week range||5,035.4902 - 6,843.2402|
The US stock markets have rallied again this week, but I think they are starting to get a little bit overbought. We are starting to see this and various indices, so look for value going forward.
Will the Market Force Be with Micron in Fiscal 2018? Micron Technology (MU) is a supplier of memory chips, and its customer base largely composed of PCs (personal computer) and data centers. With the advent of the mobile revolution, its customer base has expanded, reducing the cyclicity of the memory market.
Based on the early price action, the direction of the index today will be determined by trader reaction to the steep uptrending Gann angle at 6799.25.
Following a strong performance for two weeks and closing at a record high price levels, the S&P 500 started this week on a mixed note. On Thursday, the S&P 500 started the day on a stable note and closed the day at elevated levels. On January 18, eight out of the S&P 500’s 11 major sectors declined.
Based on the early price action, the key Gann angle to watch is the steep uptrending angle at 6767.25. This angle, moving up at a rate of 16 points per day, has been guiding the index higher for 12 sessions.
SK Hynix and Micron Technology (MU) also made it to the top five. Among the US-based semiconductor companies, Micron reported the highest revenues and stock price growth in 2017. Micron stock rose 87.6% in 2017 and more than 350.0% in 18 months as the company enjoyed a continuous increase in memory prices. Not only did Micron report strong earnings, but it also outperformed analysts’ expectations by an increasingly large margin.
Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the steep uptrending Gann angle at 6735.25.
After gaining for two consecutive trading weeks and rising to fresh record high price levels, the S&P 500 started this week on a mixed note. On Tuesday, the S&P 500 opened the day higher at fresh all-time high prices but lost strength and declined as the day progressed. On January 16, eight out of the S&P 500’s 11 major sectors closed the day in losses.
The US stock markets in general did very well during the week, breaking out to fresh, new highs in several indices, and as a result it looks as if the next leg of the move to the upside has started.
Following a strong performance last week, the S&P 500 started this week on a stronger note. After a brief pull back on Wednesday, the S&P 500 regained strength and opened higher on January 11. On Thursday, eight out of the S&P 500’s 11 major sectors rose.
Based on the early price action, the direction of the NASDAQ-100 Index is likely to be determined by trader reaction to Thursday’s close at 6726.50.
After experiencing huge success in the domestic market, CBS’s (CBS) online video streaming service, CBS All Access, plans to launch in Canada in the middle of 2018, followed by other markets. Both CBS Interactive and CBS Studios International divisions will be responsible for the international launch. The international expansion could not only help the company boost its Entertainment segment revenues but also downplay the competition from other OTT (over-the-top) service providers.
Based on the early price action today, the direction of the NASDAQ-100 Index is likely to be determined by trader reaction to yesterday’s close at 6688.00.