8 Monster Stock Market Predictions For The Week Of October 27
Michael Kramer | Oct 28, 2019 01:54AM ET
h2 S&P 500 (SPY)/h2
The S&P 500 had a strong finish to the week and is nearing a big technical break out at 3,028. I think that break out happens this week, and the index is trading at new highs by the week’s end. I’m looking for a rise to around 3,050. I go through a rundown of the week and the Fed in this weeks commentary- The Week Of October 28 will be all about the Fed and Apple (NASDAQ:AAPL).
Facebook (NASDAQ:FB) will report results on Wednesday afternoon, and I noted in an article for Forbes, that I thought the stock would fall. I still believe it can. $180 seems like the logical first stop.
h3 /h3NVIDIA (NASDAQ:NVDA) rose sharply last week, and it seems likely that the stock is heading towards $217.
Amazon (NASDAQ:AMZN) had a bounce-back session on Friday afternoon following the steep Thursday after-hours sell-off. I still think the stock is not out of the woods. Resistance for the stock is around $1775, and I believe that the stock will struggle at resistance.
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Tesla (NASDAQ:TSLA) is incredibly overbought now, with the RSI rising sharply above 70. Meanwhile, $333 is resistance for the stock. It needs to take a breather, and I would prefer for the stock to consolidate around this $300 to $333 region. However, one thing to consider is that there is a big gap around $350 that needs to be filled.
Microsoft (NASDAQ:MSFT) also continues to look well-positioned to continue its advance. I think the stock finally breaks out and rise to around $150. Maybe not all this week, but perhaps over the next few weeks.
Roku (NASDAQ:ROKU) may be breaking out and getting ready for a push higher towards $150.
h3 /h3Beyond Meat (NASDAQ:BYND), reports results tomorrow night, and the lock-up period has expired. It should be an exciting day. I’m looking for a drop to around $86, based on some big options bets, but it could go as low as $78. I talked about it in a write up on Thursday.
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