Stocks had another solid day, with the S&P 500 rising by 63 basis points to close at 2,937. It places the index right at resistance and right at the downtrend, a significant level. Based on the pattern in the chart, it would indicate to me that the stock market is likely to break above the downtrend tomorrow and resistance and continue higher, pushing back to 2985 and likely beyond.
Call me a perma-bull if you want. But remember who the guy was on September 21 that called the 5% pullback. Yeah, that was me.
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Semis (SMH)
Semiconductor continues to flirt with a breakout but has been unable to rise above resistance at $120.75.
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Consumer (XLY)
The consumer discretionaries appears to have broken a downtrend. It means the group could be heading higher from here after finding support around $118.
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Netflix (NFLX)
Netflix had an intense day rising by nearly 5%. The stock doesn’t trade as if it is about to report a disastrous quarter next week. But then again, it may merely be filling the gap at $284 that exists.
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Apple (AAPL)
Apple continues to move higher, and it seems that a new all-time is just around the corner, maybe even $240.
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Nvidia (NVDA)
Nvidia appears to be getting closer and closer to breaking out at $188. The pattern suggests it does break out.
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Roku (ROKU)
Roku failed at its first attempt at $122 today. Now it is making a second attempt in the after-hours following an upgrade by RBC to outperform from sector perform. It will be a big test for the stock tomorrow, with a lot on the line.
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Intel (INTC)
Intel looks as if it is breaking out too and may finally be on its way back to $53.60.
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