8 Monster Stock Market Predictions For The Week Of February 3

It should be an exciting week when trading begins again on Monday. After all, the Chinese markets will open for the first time in a week, and they are likely to be down a lot. The S&P 500 is down about 3.5% since January 24, while the South Korea Kospi is down over 6%, and the HK Hang Seng is down about 6% too. So could Shanghai be down 7,8,9, or even 10% on Monday, it certainly seems possible.

Regardless the beginning of the week is not likely to be good for the markets. Then layer in the ISM manufacturing data on Monday, the ADP Job Report, ISM- Non, and the BLS job report, and there plenty of things that could pile up quickly.

The number of S&P 500 stocks above their 50 day moving average is still around 47%, and my hunch is that it still has to fall further, probably to about 25%.

S&P 500 (SPY

For now, 3,150 seems reasonable for the S&P 500 to fall too. It is about 5.5% off the all-time highs and appears to have decent support in that region.

It is only about 2.5% from Friday’s close, so we could see that level by lunchtime on Monday, especially with the speeds these markets move.

S&P 500

Amazon (AMZN

I’d be careful with Amazon, the stock now has a giant gap to fill, and it is clear as day the market wants $2,060 to be resistance. Watch for a move lower to $1966.

Amazon, amzn

Netflix (NFLX

Now that nobody is going outside anymore, it seems like a perfect time to sign-up for Netflix and binge some of our favorite shows like Stranger Things or finish off the Irishman. The stock appears to be acting pretty well. The stock hardly budge this last week, I think it will continue to hold $340, but I already told you that. 

netflix, nflx

Disney (DIS

The same thing may apply to Disney with its streaming service. Then again, they do have those theme parks. But actually, they have a minority interest in Disney Shanghai and Hong Kong, did you know that? Anyway, I noted some bullish option betting in Disney last week, and I saw it again this week. The stock held up pretty well on Friday despite the selling in the market. Probably bodes well for the post-earnings report, with shares rising back to $150. 

1 2
View single page >> |

Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice when the market changes. I am not right all the time and I do not expect to be. I ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.