5 Monster Stocks To Watch For Wednesday, August 21

S&P 500 (SPY)

Stocks had a down on August 20. Not the greatest sign for those looking for the index to break out. However, I have no lost much faith. I still believe that we can continue to climb higher in the coming weeks, despite the one-day pullback.

There is the possibility we continue to drift lower on Wednesday, August 21, as the index works its way towards 2890, in an attempt to refill a gap. However, I don’t think that will be the case.

spx, spy

When looking at the S&P 500 e-minis tonight, we can see the futures already filled the gap at 2892 and have started to turn higher once again. It is a positive sign that stock rise tomorrow once trading resumes on August 21 at 9:30 am.

es, S&P 500 futures

Again, the big level of resistance for the S&P 500 is the 2935 level, I can’t emphasize enough how important it is that we break out.

VIX (VXX)

The VIX index also managed to stall out at the 17.5 level today as well, and that could be a positive sign for equities. As long as the VIX continues to stay below that level, I think stocks move higher.

vix, vxx

Shanghai (FXI)

Another positive is that the Shanghai composite appears to be nearing a pretty big turn around and potential move higher.

shanghai

Sarepta (SRPT)

I haven’t followed Sarepta as much as I use too, but I did see the negative news today. The stock fell sharply to support at $96.25, and that managed to hold. But it needs to continue to hold, or the stock could be heading back to $82.50.

Sarepta

Bank of America (BAC)

I still think Bank of America has further to fall, $25.75 seems like a reasonable level of support. I don’t see how the bank stocks do well in this low rate world.

bank of america, bac

Amazon (AMZN)

I’m struggling with what to make of Amazon these days. The stock seems stable at in the $1770 region, but yet the stock doesn’t go up? The chart almost has a bear flag pattern. We will need to continue to monitor. For now, I’m sticking with my view of $1900. We will see if we get better clarity tomorrow.

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.