13 Monster Stock Market Predictions For The Week Of April 8

S&P 500 (SPY)

Stocks had another strong showing on April 5 with the S&P 500 rising by about 50bps. The index continues to move higher and appears to be heading to 2,915, its next major level of technical resistance.

S&P 500, spy

Russell (IWM)

The Russell had a stronger day rising by about 1% to 1582. The next level of resistance for the index is at 1,592. But I think it will blow right that through that level, and move on to 1,710 putting it right at its all-time highs. We can see in the chart the bullish flag pattern, which created a nearly two month period of sideways consolidation.  The Russell will likely be the index to watch over the next couple of weeks. For full disclosure, I bought IWM May Calls on Friday.

russell, rut

Consumer (XLY)

The consumer discretionary ETF is nearing their all-time highs. We can add that to the list of ETF we have tracked.

discretionaries

Biotech (XBI)

The biotech XBI ETF broke out on Friday too and appears to be on its way back to around $98, putting it near its all-time high.

biotech

Acadia (ACAD)

Acadia is one stock that broke out on Friday rising above resistance at $27.20. The next significant level to watch for comes around $31.

acadia, acad

Amazon (AMZN)

Amazon’s pushing its way to $1850 after that comes $1900. I won’t be surprised to see this stock above $2,000 after earnings.

amazon, amzn

Apple (AAPL)

Apple continues to march with $209 in its target.

apple, aapl

AMD (AMD)

AMD is struggling a bit around $29.40, and I think in the short-term it could drop to around $26.80 before resuming its trend higher.

amd

Nvidia (NVDA)

Nvidia remains on a path to $200.

nvidia, nvda

Facebook (FB)

Facebook may still be on its $186.

facebook

Bank of America (BAC)

Bank of America may be topping out here after hitting resistance at $29.40. It could decline back to $28.

bac,

Citigroup (C)

Meanwhile, Citigroup could be heading back towards $61.

citigroup, c

JP Morgan (JPM)

JP Morgan back to $102.

jpm

-Mike

This article first appeared on Mott Capital.

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