The week of September 9 will be a busy one for the markets with the ECB announcement on Thursday. It is widely expected that the ECB will cut the deposit rate by ten basis points, to negative 50 basis points. It is also expected that they will restart QE. It could provide a significant tailwind to the equity market.
S&P 500 (SPY)
The S&P 500 cleared three major hurdled last week as I talked about in yesterday write up. You can listen to it in my podcast above. My expectation is for the index to continue to trend higher towards 3,000.
Amazon had a good week increasing above resistance at $1825; we can see it even acted as support later in the week. I think that pushes AMZNWealth Strength IndexAAPL is Extremely Up and trending Up up towards $1900. But I have been saying that for weeks.
Cisco is also starting to look much better, with a stock that is approaching resistance at $49.30. Should CSCOWealth Strength IndexAAPL is Extremely Up and trending Up break out above that resistance it could result in CSCOWealth Strength IndexAAPL is Extremely Up and trending Up rising back to $51.
The chart for AMD doesn’t look right, with strong resistance around $31.40. I’m torn because the sector has been hot, but the chart for AMD seems lousy. I think it falls this week to $29.40.
Nvidia jumped over resistance at $178, and that may help to shares up to $198.
Alibaba is at resistance at $179, and now with the trade war worries on hold, a break out sends the stock higher towards $188.
JDWealth Strength IndexAAPL is Extremely Up and trending Up (JDWealth Strength IndexAAPL is Extremely Up and trending Up)
JDWealth Strength IndexAAPL is Extremely Up and trending Up is once again back to resistance at $31.50, and every time it gets there, it fails. Not this time. This time, I think the stock is going to break out and rise finally, towards $34.80.
Intel is close to breaking a downtrend which could send its stock higher towards $53.60.
Freeport McMoran (FCX)
Freeport McMoran could be heading higher too, as it to break above resistance at $9.50. I saw some big options late last week in this name. Premium content: Why Freeport And Copper May Be Heading Higher
Have a great Sunday!
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