12 Monster Stock Market Predictions For The Week Of April 22

As noted yesterday it will be a big week for earnings, and I already provided you with my predictions for the 4 big reports. 

It will also be a big week because we will get our first official reading for first quarter GDP growth and estimates are for 2%. The Atlanta Fed GDPNow is tracking the quarter at 2.8%.

S&P 500

The S&P 500 (SPY) has refilled the gap down at 2,891 from the break out on April 11. It should allow the S&P 500 to continue trending higher this week, giving us a clean break above resistance at 2,915.

S&P 500, spy

Russell 

The Russell (RUT) fell hard on last week but managed to hang on to support at 1565. I think we will get a bounce back to the upper end of the range and perhaps back to 1,593.

russell, rut

Biotech

Biotech (XBI) bounced off support at $82.90, and more important is that the RSI continues to hold its uptrend as well. I think we see a rebound this week perhaps back to $90.

apple, aapl

Apple

Apple (AAPL) will likely continue to rise and move towards $209.

APPLE, Aapl

Netflix 

Netflix (NFLX) continues to trade sideways, with this slightly up bias, and for that reason, I continue to think it moves toward $380.

netflix, nflx

AMD

AMD will likely continue to rise too, moving higher again to around $29.40.

amd

JD 

JD is likely getting ready for its next big move higher towards $35.

jd

Alibaba

Alibaba (BABA) is looking bullish too, with that rising triangle pattern, setting up a potential move to $201.

baba

Square

Square (SQ) has broken down and appears to be heading towards $65.50.

square, sq

Qualcomm

Anyone that thinks technical’s don’t matter should look at this chart in Qualcomm (QCOM). Do you think the recent stocks pause is by chance? I do not believe so. A rise above $82 sends it towards $88.

qcom, qualcomm

Roku

I think Roku (ROKU) continues to move towards $52.

roku

Acadia

I had thought Acadia (ACAD) would see $31, but the biotech sell-off has taken the stock in a new direction. Unfortunately, this is a stock that is very much pushed around by the ETF’s. So, for now, $27 is once again resistance.

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Disclosure: 

Michael Kramer and the clients of Mott Capital own Apple, Acadia, and Netflix

Disclaimer: This article is my opinion and expresses my views. Those views can change at a ...

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Moon Kil Woong 1 month ago Contributor's comment

I expect a mild week with some downside. We will see what comes next to shake up the market.