As noted yesterday it will be a big week for earnings, and I already provided you with my predictions for the 4 big reports.
The S&P 500 refilled the gap down at 2,891 from the break out on April 11. It should allow the S&P 500 to continue trending higher this week, giving us a clean break above resistance at 2,915.
The Russell fell hard on last week but managed to hang onto support at 1565. I think we will get a bounce back to the upper end of the range and perhaps back to 1,593.
Biotech bounced off support at $82.90, and more important is that the RSI continues to hold its uptrend as well. I think we see a rebound this week perhaps back to $90.
Apple Inc (NASDAQ:AAPL) will likely continue to rise as it and move towards $209.
Netflix Inc (NASDAQ:NFLX) continues to trade sideways, with this slightly up bias, and for that reason, I continue to think it moves toward $380.
Advanced Micro Devices Inc (NASDAQ:AMD) will likely continue to rise too, moving higher again to around $29.40.
Jd.Com Inc Adr (NASDAQ:JD) is likely getting ready for its next big move higher towards $35.
Alibaba Group Holdings Ltd (NYSE:BABA) is looking bullish too, with that rising triangle pattern, setting up a potential move to $201.
Square Inc (NYSE:SQ) has broken down and appears to be heading towards $65.50.
Anyone that thinks technical’s don’t matter should look at this chart in Qualcomm Incorporated (NASDAQ:QCOM). Do you think the recent stocks pause is by chance? I do not believe so. A rise above $82 sends it towards $88.
I think Roku Inc (NASDAQ:ROKU) continues to move towards $52.
I had thought ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) would see $31, but the biotech sell-off has taken the stock in a new direction. Unfortunately, this is a stock that is very much pushed around by the ETF’s. So, for now, $27 is once again resistance.
Disclaimer: Michael Kramer and the clients of Mott Capital own Apple, Acadia, and Netflix.
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