It was a lackluster trading session on July 15, with the S&P 500 finishing the day unchanged. You can look at this market and say it lacks enthusiasm, or you can look at the market and say that the market is robust. Strong enough that big moves up aren’t followed by days of consolidation lower, but instead days of consolidation sideways. It would suggest to me that this an equity that wants to go higher.
The trend in the S&P 500 is higher, and based on the current trend, the index is likely to take its next leg higher by midday tomorrow. Again, I continue to believe this is an index that is heading towards 3,050 to 3,055.
The Russell continues to trend higher too, but it appears this one needs to consolidate for a few more days before it moves up. Based on the chart perhaps by July 18 or 19.
AMD continues to perform very well, and the stock is now within striking distance of breaking out. I continue to believe that the stock rises above $34.50 and push on to $36.25.
DELL continues to rise and is moving towards resistance at $55.40. The stock appears that it is getting ready to break out and move higher towards $61.
Amazon.com Inc (NASDAQ:AMZN) continues to consolidate but looks like it’s getting ready to make its next move up. I’m still looking for AMZN to rise to around 2,060.
Tesla (NASDAQ:TSLA) is rising above $250 today, breaking out, without much fanfare. I believe the next stop is $260 and could be as high as $268. I noted this in my latest TSLA write-up on July 10.
Applied Materials (AMAT)
Applied Materials (NASDAQ:AMAT) appears it is getting ready to break out and rise above $47.70 and push higher towards $51.
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