As noted yesterday it will be a big week for earnings, and I already provided you with my predictions for the 4 big reports.
S&P 500 (SPY)
The S&P 500 has refilled the gap down at 2,891 from the break out on April 11. It should allow the S&P 500 to continue trending higher this week, giving us a clean break above resistance at 2,915.
The Russell fell hard on last week but managed to hang on to support at 1565. I think we will get a bounce back to the upper end of the range and perhaps back to 1,593.
Biotech bounced off support at $82.90, and more important is that the RSI continues to hold its uptrend as well. I think we see a rebound this week perhaps back to $90.
Apple will likely continue to rise as it and move towards $209.
Netflix continues to trade sideways, with this slightly up bias, and for that reason, I continue to think it moves toward $380.
AMD will likely continue to rise too, moving higher again to around $29.40.
JDWealth Strength IndexJD is Extremely Flat and trending Down (JDWealth Strength IndexJD is Extremely Flat and trending Down)
JDWealth Strength IndexJD is Extremely Flat and trending Down is likely getting ready for its next big move higher towards $35.
Alibaba is looking bullish too, with that rising triangle pattern, setting up a potential move to $201.
Square has broken down and appears to be heading towards $65.50.
Anyone that thinks technical’s don’t matter should look at this chart in Qualcomm. Do you think the recent stocks pause is by chance? I do not believe so. A rise above $82 sends it towards $88.
I think Roku continues to move towards $52.
I had thought Acadia would see $31, but the biotech sell-off has taken the stock in a new direction. Unfortunately, this is a stock that is very much pushed around by the ETF’s. So, for now, $27 is once again resistance.
Good Luck this week
This article first appeared on Mott Capital.
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