S&P 500 (SPY)
Stocks will try to advance in the coming week after stalling out this past week. The momentum is still behind the rally for at least a little bit longer. The RSI is still pushing higher, and a steady trend line is holding up as support. Additionally, it would appear we are the fifth wave of a five wave count. So, I continue to think we are heading higher from here to around 3,600.
NASDAQ 100 (QQQ)
Meanwhile, we can make a similar statement about the Q’s and its potential to power higher towards $305. The RSI on the hourly data should be ignored, as I believe the RSI is never a good indicator of intraday time frames.
Utilities (XLU)
Interestingly, there may be a defense tone beneath the surface and we will need to closely watch the XLU, as it appears to be breaking free of a flag pattern and is potentially heading higher towards $69. The RSI has broken free of a downtrend, and that suggests higher prices are on the way.
Intel (INTC)
I think Intel will continue to rise this week. The stock appears to have finally turned the corner. The RSI is steadily rising and it is still below overbought levels. I think it may climb to around $56.
AMD (AMD)
AMD has been holding on to its 50-day moving average over the past few days. However, the pattern is still bearish, with an RSI trending lower, which is not indicating oversold conditions. Again, I think this will likely head lower towards $72.
Tesla (TSLA)
Meanwhile, Tesla will report results this week and it has been moving higher along an uptrend. The RSI is trending higher, and it suggests that the stock may continue heading to around $476.
Netflix (NFLX)
Momentum in Netflix has shifted from higher to lower levels with an RSI trending towards lower prices. I think the company will disappoint this week and the stock will head back to $495.
AT&T (T)
Maybe AT&T has finally hit the bottom with an RSI turn potentially forming. If the stock can hold on to $27.30, it can start to recover towards $28.90.
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