The week of July 8 will not be a busy as last week, but we will still get the Fed minutes on Wednesday, CPI on Thursday and PPI on Friday. Also, believe it or not, earnings season will start slowly, with Pepsi reporting results on Tuesday morning.
S&P 500 (SPY)
The S&P 500 will pick up where it left off and attempt to crack 3,000 for the first time. I think the index can rise to around 3,055 before hitting its next level of resistance.
Russell 2000 (IWM)
The Russell 2000 is still working its way higher towards 1,600.
I think Nvidia will bounce back this week after finding support at the uptrend, with a chance to rise back to the top of the channel at $172.
Roku found a bounce last week and was unable to fall below $88. So the stock proved me wrong rising back to $98. Now resistance will come around $100. Let see if get through $100, before I make my next call.
Micron found a bounce at support around $39 and filled the first gap. Now the question is what happens next? I had thought the stock could fall to around $34. My feelings haven’t changed. I still think it can fall back to $34. (see premium content: Micron’s Rally May Soon Fade)
JDWealth Strength IndexJD is Extremely Flat and trending Down.com (JDWealth Strength IndexJD is Extremely Flat and trending Down)
I also still think JDWealth Strength IndexJD is Extremely Flat and trending Down.com is heading towards $34.83.
Tesla has finally broken the steep downtrend, and I continue to believe this heads back to $250 to $260. (See: Tesla Delivers, Update On S&P 500 Break Out)
Finally, Netflix is nearing that big break out at $380, which could eventually send the stock to $405.
have a great week of July 8.
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