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Stocks Will Continue To Push The Envelope On October 22

By Michael KramerOct 22, 2019 08:28AM ET
www.investing.com/analysis/stocks-will-continue-to-push-the-envelope-on-october-22-200476066
Stocks Will Continue To Push The Envelope On October 22
By Michael Kramer   |  Oct 22, 2019 08:28AM ET
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US Markets

International Markets

  • Shanghai +0.50%
  • HSI +0.23%
  • KOSPI +1.16%
  • Nikkei +0.25%
  • DAX +0.21%
  • UK +0.25%
  • S&P 500 E-Mini Futures Chart
    S&P 500 E-Mini Futures Chart

    MACRO

    S&P 500 (SPY (NYSE:SPY))S&P 500 futures are pointing to a slightly lower opening. But honestly, nothing has changed on the chart except the level at 3003 now will act as support. The index rose above that level yesterday, and it should offer a floor as the index prepares to push higher towards 3,027.

    STOCKS

    Biogen (NASDAQ:BIIB)

    Biogen (NASDAQ:BIIB) is soaring by about 45% this morning after saying it will move forward with filing for the approval on its Alzheimer drug aducanumab. The stock is blowing through all sorts of resistance levels this morning with, and a large gap fill that can take the stock back to $330. It is a big move for Biogen, which has been a dead stock for some time, and it is a big win for the biotech sector.

    Biogen Inc Chart
    Biogen Inc Chart
    XBI Chart
    XBI Chart

    XBI biotech ETF is jumping this morning up by more than 1%. The ETF is challenging the downtrend and has the potential to rise to around $83.25.

    NVDA (NVDA)

    NVIDIA Chart
    NVIDIA Chart

    Nvidia is getting closer to that big break out I noted in yesterday’s write-up, setting up the potential push towards $217.

    SNAP (SNAP)

    SNAP is rising again today, and I, as noted yesterday in a premium story, the stock could rise to resistance at $15.50. If you had only signed up to read the article Bullish Bets Pile For SNAP Ahead Of Results22

    Snap Inc Chart
    Snap Inc Chart

    Tesla (NASDAQ:TSLA)

    Tesla Inc Chart
    Tesla Inc Chart

    Tesla (NASDAQ:TSLA) will report results tomorrow after the close of trading, and the stock has been moving higher since it reported delivery results. The company will need to post solid earnings and gross margins to see the stock move higher. If it can, the stock will make that move to $300 we have been talking about a couple of weeks.

    Amazon (NASDAQ:AMZN)

    Amazon Inc Chart
    Amazon Inc Chart

    Amazon (NASDAQ:AMZN) has been dead money since July, and the stock needs to get over $1850 before we can even talk about the stock rising any higher.

    Original Post

    Stocks Will Continue To Push The Envelope On October 22
     
    Stocks Will Continue To Push The Envelope On October 22

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    Comments
    Matthew PM
    Matthew PM Oct 22, 2019 3:09PM ET
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    charts are fun! :)
    jim boblooch
    jim boblooch Oct 22, 2019 2:04PM ET
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    thanks
     
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