Stocks had a solid finish to the week, rising by 77 basis points, with the S&P 500 finishing at 3,120. Based on the chart, the next significant level of resistance will come at 3,150. It is hard to determine if that is where we see a minor pullback or another period of sideways trading. The RSI for the S&P 500 is now overbought with a level of 75.

Ideally, we need the S&P 500 to advance at a measured pace, one that avoids a sharp pullback, preventing a scenario similar to what we saw in January 2018.

Based on the monthly chart, it seems relatively safe to say that the index has officially broken free of its 22-month period of consolidation, as I expected it would break out in month 23. I talked about this very topic in an article dated October 18 A Massive Stock Market Break Out May Be Near If History Proves Correct. 

I also did a premium video on this topic on October 29 explain why I think the S&P 500 could be heading to around 3,600. S&P 500: Higher Prices To Come

But then again, the options guys were betting on this current move higher on October 7 – All laid out in this premium video.Options Bets Suggest S&P 500 Rise To 3,100 By Year-End

Roku

Roku (ROKU) continues to trend higher, and it proved me wrong this time. I was on a winning streak with Roku, and it seems the bulls just overpowered me. The stock is probably heading back to $161.I got it wrong.

Nvidia

Nvidia (NVDA) fell following results. I didn’t spend much time analyzing the results. But the one thing that did dawn on me, which seems pretty clear, is that this is not the Nvidia of old that would crush results and raise by a mile. This is a much more ordinary company, and one needs to wonder if it was worth the premium it gets to other semiconductor companies. It still appears to be in a rising wedge, and I still think the stock heads to $188.

Amazon 

It would seem that sellers are starting to take control of Amazon (AMZN), and based on that RSI, I don’t see how this stock doesn’t retest $1700.

Netflix

Netflix (NFLX) continues to act well, with shares bouncing back on Friday. Again, I was seeing bullish options betting in this stock late last week, and I continue to think it heads towards $315.

Tesla

Tesla (TSLA) has its big event this week, where it will unveil its new Cyber Truck. The only thing standing in the way of the stock and all-time highs is resistance at $360. I think the stock gets back to those all-times and pushes even higher.