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OpenAI IPO Delay, Apple Price Hikes & Friday's Russell Recon Levels
Description
Here is the trade setup for the Friday open. We are seeing a classic liquidity trap as tech-heavy Nasdaq futures slide ahead of the massive Russell Index reconstitution. With OpenAI delaying its IPO and Apple raising consumer prices to offset surging AI hardware costs, are the cracks in the AI super-cycle starting to split?
🚀 Stocks to Watch:
• 📉 Apple (AAPL): Stabilizing after a 6.1% drop. UBS reports China shipments down 19%. Watch key levels at $270 and $285.
• 📉 ON Semiconductor (ON): Tumbling 9% pre-market on a $7B Synaptics buyout. Key levels: $100 and $115.
• 📉 Micron (MU): Down 4.8% pre-market in a post-earnings retracement. Support at $1,150 and resistance at $1,200.
• 📉 SoftBank (SFTBY): Plunged over 12% overnight in Tokyo on OpenAI delay reports.
📊 Key Support & Resistance Levels:
• S&P 500 (/ES): Support at 7,350 & 7,300 | Resistance at 7,400 & 7,420
• Nasdaq 100 (/NQ): Support at 29,200 & 29,000 | Resistance at 29,500 & 29,700
Content is for informational and educational purposes only. Market data may be subject to platform delays. This is not financial advice.