Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. Salesforce ended Friday at $157.73. yesterday it went up to $160.16 only to drop back, yet still managed to close at $158.66.
On the flip side, new United States Producer Price Index data fell short of the 0.4% projected by analysts with a reading of 0.2% while failing to improve upon the previous reading from last month (0.2%).
Meanwhile, United States NY Empire State Manufacturing Index (Nov) released today at 13:30 UTC with a figure of 4.5, while the previous figure was -9.1. United States Core PPI (MoM) (Oct) came out at zero, while a consensus of analysts was expecting 0.3.
Chart analysis indicates Salesforce could be slowing down soon as it approaches resistance at $161. Of course, crossing it might suggest further gains are ahead. Fibonacci-minded traders witnessed a key Fib resistance level of $159.25 holding firm – an indicator of highly concentrated supply around this level.
While Salesforce was bullish yesterday, the following technology stocks underperformed: Microsoft went down 2.25%, closed at $247.11. Intuit lost 2.54% yesterday and closed at $397.66. Coherent, Inc. slides down 2.19% yesterday to close at $38.74.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC. United States Retail Sales is projected to outperform its last figure with 1%. It previously stood at 0%; data will be released tomorrow at 13:30 UTC.
Also worthy of note, tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.36 million from the preceding figure of 3.92 million.
Salesforce hit a significant low of $139.77 around 11 days ago, but has since recovered 12.85%.