Stocks Are Set To Jump Taking Out Resistance In Broader Push Higher

Stocks are rising around the world, and the US is no different, with S&P 500 futures rising by 10.3 points. The German DAX is very close to setting a record of its own in a bid to confirm the bullish optimism in the US markets.

 

S&P 500 (SPY) 

The S&P 500 futures have pushed beyond resistance and their prior highs at 3,357. Additionally, the small optimism index came in better than expected at 104.3 versus 103.2. 3,357 is likely is now act as a strong level of support going forward, and is likely to be the starting point for the S&P 500’s push to 3,400.

 

Facebook (FB) 

Facebook is falling some today, after being downgraded by Pivotal Research to Sell with a $180 price target. The stock has found a meaningful level of support at $212, and I think the stock falls to around $203. 

 

Nvidia (NVDA)

Nvidia is rising today and testing resistance at $268 after having its price target raised to $300 at Opco. Believe it or not, an increase above $268 makes Nvidia’s come back complete and sets up a push back to their all-time highs around $295. 

 

 

Boeing (BA) 

Boeing is rising once again and continues to push on to $351. If the stock can push beyond $351, then Boeing can increase back to $374.

 

AMD (AMD) 

AMD is testing resistance at $53 and a break above $53 sets up that climb to around $59.