5 Stock Predictions For The Week Of June 15
It will be another busy week for stocks, with Jay Powell slated to speak before congress on Tuesday, June 16, and again on Wednesday. We will get some regional Fed data, the Germany ZEW survey, and the weekly jobless claims.
It will be important for the S&P 500 to hold 3,000 to start the week because if the index breaks 3,000 early in the week, it could put a lot of pressure on equities for the entire week. Should the index break 2,950, things could get tricky and result in a fast drop to around 2,860.
This week also features options expirations, and the significant open interest levels are at 2,800, 2,900, and 3,000. These significant open interest levels could act as magnets this week, should the markets begin to move lower. Open interest levels thin out after the 3,000 strike price.
Disney (DIS)
Disney broke an uptrend, and I still happen to think investors are underestimating the potential damage that is being inflicted on Disney. I believe that the stock has further to fall. The next significant level of support for the stock comes around $109.
Alphabet (GOOGL)
Alphabet broke the uptrend, and now $1,430 is acting as resistance. The uptrend in the RSI is broken, and that suggests the stock will move lower towards support at $1360.
Square (SQ)
Square tested and held the uptrend this week, but the RSI is now moving lower, and that suggests the stock will break the uptrend and move lower to $79.
Shopify (SHOP)
Shopify has been losing a lot of momentum in recent days, with an RSI that is steadily trending lower. All it will take is a break of support around $675 to push shares back to $590.
Intel (INTC)
Intel broke its uptrend on the RSI and couldn’t get back above $59.75 last week. It probably means it will continue to lower towards $55.90.