9 Stock Market Predictions For The Week Of January 21
Michael Kramer | Jan 20, 2019 11:32PM ET
It will be a short trading week with Monday closed for Martin Luther King Jr. day. It will also be a relatively light week for economic data in the U.S. with the Markit Manufacturing and Services PMI’s on Thursday.h2 S&P 500/h2
The S&P 500 is approaching a significant level of technical resistance and downtrend at 2,690. If the index can manage to rise above that level, it likely triggers a much bigger rally, perhaps to 2,800.
The NASDAQ has already risen above its downtrend and is likely a positive sign that index can continue to increase. Additionally, it is likely to serve as a positive sign for the S&P 500.
TheTechnology Select Sector SPDR (NYSE:XLK) is also nearing a potentially big break out at $65.50.
Consumer Discretionary Select Sector SPDR (NYSE:XLY) is also breaking out, as is the Industrial Select Sector SPDR (NYSE:XLI).
Microsoft Corporation (NASDAQ:MSFT) has been steadily rising and may be on its way to around $112. The RSI is also nearing a potential break out, which could be a positive sign for the long-term uptrend in the stock.
Get The News You Want
Apple Inc (NASDAQ:AAPL) has risen above a critical level of resistance at $155, and should it manage to rise above $163; it has room to move up to $182.
Amazon.com Inc (NASDAQ:AMZN) is the largest stock in the consumer discretionary sector, and the big hurdle for Amazon doesn’t come until $1,770.
Netflix Inc (NASDAQ:NFLX) successfully refilled a gap at $335, and it held firm on Friday. If the stock falls below $335, it could drop to around $329. But it seems more likely the stock retest resistance at $355 and moves on to $380.
Tesla Inc (NASDAQ:TSLA) fell hard on Friday following some less than clear news about its fourth-quarter profit. But then again, it doesn’t take much for the short-sellers to get into motion. $300 has been a significant level in the past; I don’t see any reason the stock can’t continue to hold support at $300.
Square (NYSE:SQ) broke out in a big way last week, and should it rise above $75, it could be on its way to $83.
Roku Inc (NASDAQ:ROKU) still can’t get over $43, and I continue to believe the stock is heading lower to $34.
Micron Technology Inc (NASDAQ:MU) is once again trying to break out, and jump above $37, pushes the stock up to $40.25.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) could be on its way towards $440.
Disclaimer: Michael Kramer and the clients of Mott Capital own Apple, Netflix, and Tesla.
Original post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.