8 Monster Stock Market Predictions For The Week Of December 30

S&P 500 (SPY

Stocks will try to advance once again, in the New Year shortened trading week. The S&P 500 closed around 3,240 on Friday, and it leaves the next level of resistance around 3,255. The index finds itself in overbought territory with an RSI at 78.4, which is too high. The index is likely to continue to climb over the next several weeks, but it needs to fall by 1-2% and soon to get the RSI below 70 again. Let’s hope that we can get a pullback this week. Preferably, back to around 3,200, which would be support.

S&P 500, spy

 

Amazon (AMZN

Amazon had a good week rising to resistance around $1,890. The stock failed at that resistance level and is likely to retest support this week around $1825.

amzn, amazon

 

Tesla (TSLA

Tesla has had no leaked emails about production or delivery rates, which is surprising. I can’t remember the last time a quarter was complete without a leak. If the stock pulls back, this is likely to be the week. But with no leaked emails, the only question is what investors’ expectations are for deliveries. Should the stock fall,$420 is the first support level, followed by $406 and then $390. We find out what those delivery numbers are no later than January 3.

tesla, tsla

 

Nvidia (NVDA

Nvidia is flirting with support at $236, a drop below support sends the stock back to $225.

 

AMD (AMD

AMD looks like it may be double topping, and drop below $45.50 gets the stock heading back to 42.95.

amd, amd

 

Netflix (NFLX

Netflix is falling, and support doesn’t come until $315.

netflix, nflx

 

Caterpillar (CAT

Caterpillar looks like it may be forming an ascending triangle, and it may be ready to rise to around $157.50.

cat, caterpillar

 

Starbucks (SBUX

All signs are pointing to Starbucks rising to around $91.50

Starbucks, sbux

 

 

Disclosure: Michael Kramer And The Clients Of Mott Capital Own NFLX And TSLA

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

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