S&P 500 (SPY)
Stocks didn’t have a particularly great day with the S&P 500 finishing the day higher by about 50 bps. The index did manage to rise above resistance at 2975 and the downtrend. However, it failed once again as it approached resistance at 2985. Not the greatest of signs for the market going forward.
The NASDAQ is still in a clear downtrend, and that doesn’t send a comforting message about the S&P 500’s rise above the downtrend.
We will have to see what happens next. Maybe I’m just tired today; my daughter wasn’t feeling well last night and kept me half the night.
Apple did have a good day today and broke out after some positive comments from JPMorgan. I was playing a game of chance when I wrote my commentary this weekend. I recognized there was the chance of a breakout, but I was betting the pattern in the chart was a descending triangle. I got it wrong. The stock still has to get over $226 before we can get all excited.
It’s hard to believe that if we can get over $230ish, we have a shot of reaching the $265 price I noted on December 30, 2018: Prediction #3 – Apple is The Comeback Stock of 2019 and Rises 70%
Netflix is still battling to recoup some of its losses and pushing above $268 gives us a shot of cracking $273.
Intel is starting to look a little better, and $53.60 maybe once again in sight.
Cisco is coming to a pretty big moment in time, and I think the stock rises towards $51. You can see the uptrend and downtrend in the RSI are converging.
Shopify continues to bang up against resistance in the $315 to 316 region. Not a good sign for Shop, be careful here.
Have a good night!