S&P 500 (SPY)
November 18 was one dull day, with the S&P 500 finishing up by 2 points to 3,122. It seems to be a general pattern that the market will choose not to go down on off days but instead move sideways. It is a repeated pattern since the middle of October. It certainly is nice. How long it will last, I do not know. The pattern is apparent in the charts.
We do need to be careful here, because the VIX is trading around 12, and historically that has been the bottom of the range in 2019. The prior two times the VIX got to 12, was in April and July, and we know what happened in May and August. It is not to say that the low volatility can’t persist because it was around 12 or lower for most of 2017.
The moral of the story, don’t let your guard down.
Shopify finally broke through the $315 level today and would indicate to me the shares are likely to climb around $335 or thereabout.
Snap had a very good day, and as I noted in a Forbes article today, the stock may climb to around $15.60.
I also noted in another free article on Seeking Alpha that it looked like Square may finally be breaking out of its slump and headed back to $70.
Netflix continues to power ahead, increasing over $300 today. I think the stock is likely heading back to $320. I noted it was set up for a move higher on November 13 in a premium article – Netflix May Be Heading For A Break Out. I also spoke up it again today in the mid-day audio update – 4 Stocks Surging Higher On A Dull Day
Micron continues to fail at resistance at $48.75 for the second session in a row. The more it fails at resistance, the worse the outlook gets. Additionally, the RSI continues to trend lower, another negative sign. It makes the uptrend all the more critical.
That’s all for today.
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