Stocks had a dull day, with the S&P 500 finishing flat. The dullness is a welcomed sign and far better than the days of with the steep pullback. The days of sideways consolidation are fine with me; they are much easier to tolerate and makes for going to the gym mid-day much more enjoyable. It is ok, the sharp rise higher likely happens tomorrow, April 9, but first more on the bogus recession narrative.
The Atlanta Fed GDPNow revised its first quarter reading to +2.3% versus the earlier reading of 2.1%. If this pace continues the GDP growth in 1Q this year will be strong than the first quarter of last year. Yeah, it is true, it was 2% last year. So much for that recession story.
What’s the saying? You can lead a bear to better economic data, but you can’t make them believe it? I think I just made that up. Anyway.
S&P 500 (SPY)
Whatever, the case the S&P 500 is creating another bullish triangle, which means it is about to go on to its next leg higher, taking the index up to around 2,915.
The XLK technology ETF is also nearing a breakout, which would take the ETF to a record high.
Apple keeps going. It is now knocking on the door of $200, and it seems determined to get $209. That would be the next level of resistance for the stock.
Amazon is very close to a break out should it get over $1850. The next major level of resistance is at $1900.
Freeport McMoran is knocking on the door of a breakout, testing resistance at $13.80. The next significant level comes at $14.90.
Nvidia keeps creeping its way closer and closer to $200.
Qualcomm is getting to that point where it is needs to breakout or is going to make me look stupid as it falls.
Even Skyworks has come back to life and could be on its way to around $93.70.
Finally, you have to be impressed by how Boeing continues to hold this $370 region. I thought the stock could fill the gap up to $420, and as long as $370 continues to hold, I think that $420 will be on the way.
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.