S&P 500 (SPY)
Stocks will try to pick up where they left off the week of June 10 and they have a good chance of rising further. There has been a new uptrend that formed in the S&P 500 since the big break out. The pattern would indicate that the S&P 500 continues its trend higher and moves towards 2,895.
The Russell 2000 is also gearing up for a potential break out should the index rise above 1,521. It could go on to increase to around 1,565.
Apple may continue to rise to around $195, I had noted this turn around in the stock last week in a premium article.
I think Netflix continues to rally as well and heads towards $380.
AMD may be due for a pullback next week based on the current pattern. The chart shows a rising wedge pattern, a bearish reversal. I think the stock fallbacks back to $29.40 this week.
Cisco appears to have put in a double bottom this past week and an increase above $57.25 sets up a move higher towards $70 for CSCOWealth Strength IndexCSCO is Moderately Flat and trending Up.
Facebook may continue to rally this week, but it may limited. FBWealth Strength IndexFB is Moderately Flat and trending Up could increase to a downtrend and resistance around $180.
Acadia presents on June 11 at the Goldman Sachs conference, it would be a good day to present some new data too. Regardless the chart still looks bullish with the potential to rise to around $27, as the stock breaks the downtrend.
That’s going to be it back on Monday! Enjoy your weekend
This article first appeared on Mott Capital.
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results. week of june 10