Nasdaq Could Pop Higher Today
Michael Kramer | Nov 12, 2019 12:43AM ET
h3 MACRO/h3 h3 S&P 500 /h3
Yesterday was a dull day with the S&P 500 falling around 20 basis points to 3,087. The path of the market still seems to be on track to make a push to 3,110 in the short-term, and 3,150 by year-end.
From the standpoint of the weakness of the foreign markets overnight, the resilience of the US equity market, with the bond market closed, seems impressive. It “feels” as if there is a solid bid to the market.
h3 /h3The Nasdaq looks as if it may see a pop higher today. There is a rising triangle in the index, and it would suggest that the index continues higher, potentially breaking out.
h3 /h3Roku (NASDAQ:ROKU) jumped yesterday in what appears to be a mild rebound from last week’s sell-off and is working towards filling the gap at $135. I’d think once it goes back to $135, it will just move lower again, back to $100.
Acadia (NYSE:AKR) had a good day yesterday. We are still waiting for trial results for negative symptoms in Schizophrenia. For whatever reason, the stock broke out today to a new 52-week high. The next level of resistance comes around $48.
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Tesla (NASDAQ:TSLA) rose to resistance yesterday at $347, allowing the stock to fill a gap. The stock seems overbought here based on the RSI, and perhaps it is due for a minor pullback to around $330.
NVIDIA (NASDAQ:NVDA) could decline following its upcoming results based on some bearish betting and the chart.
PayPal (NASDAQ:PYPL) moved above resistance at $101.50.
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