Stocks Continues To Charge Forward With Nothing To Stand In The Way
Michael Kramer | Feb 20, 2020 06:15AM ET
h3 S&P 500 (SPY) /h3
Stocks jumped by around 50 basis points with the S&P 500 closing at 3,386. We hit a little bit of resistance at 3,393 yesterday. Anyway, we couldn’t punch through, which is fine. It isn’t a race, and the market rising at a measured pace is undoubtedly better than a freight train, although there are a few of those running around.
The next level I’m looking for here on the S&P 500 comes around 3,430. The RSI still looks healthy around 65. Additionally, the advance/decline line also looks healthy. So overall, the trend remains we have been saying, higher.
Oil broke resistance at $52, and that $54.30 is the next level to look for there. Again, the RSI is trending nicely higher there.
Amazon (NASDAQ:AMZN) had a nice day despite failing to get over resistance at $2,184. I don’t know why I didn’t see this earlier, but it looks like a nice cup and handle pattern may have formed there, that’s bullish. So perhaps it was just a one day stall.
Advanced Micro Devices (NASDAQ:AMD) hit $59, crazy. To think we first talked about this level weeks ago. Anyway, I don’t know how much higher it can go. I wrote about AMD yesterday. It is now the most expensive stock in the top 25 holds of the SMH. I have seen bearish betting in recent days, and the stock is at resistance. Lets stick with the view shares go back to $53.
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JD.com (NASDAQ:JD) has a great looking chart, and it looks like it getting ready for a move up to $45.30. The RSI is pointing in the right direction too.
Oil prices are rising; maybe even Exxon (NYSE:XOM) can bounce, hey anything is possible. If it should jump $63.40 is the next level to watch. The good news is that support at been relatively firm.
Virgin Galatic, I don’t know what’s going on here, it’s insane. According to what I read in the SEC filing, there are only 31 million shares available to trade? And it traded 100 million shares yesterday another 80 million yesterday! I don’t know that is insane.
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