S&P 500 (SPY)

Stocks will try to advance for the second day in a row. S&P 500 faces a level of resistance around 2,630. That is the defining level in many ways which will determine if the market can continue to rise or we see a rather sharp pullback. 2,630 was the level the S&P 500 fell below on December 14 that sent us on that steep path lower.

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Russell 2000 (IWM)

The Russell 2000 is also approaching a resistance level at 1,455.

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Bank of America (BAC)

Bank of America is rising in the pre-market after the company beat fourth-quarter results on both the top and bottom. It is approaching our resistance level of $28.

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Goldman Sachs (GS)

Goldman Sachs reported results that topped both the top and bottom lines and the stock is jumping on the news. The stock is jumping over $183, and that could lead to the start of something more.

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Banks

All of the banks seem to be quickly approaching an inflection point. With downtrends that seem like that may not be easy to break on the first attempt. I would not be surprised if the group saw a pullback over the next few days. Let’s wait and see.

The BKX bank index is quickly approaching a significant level of resistance at 94.

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Freeport (FCX)

Freeport McMoran is nearing a potential break out should it rise above $11.85. The next level to watch for is $13.80.

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Netflix (NFLX)

Netflix will continue to be a focus stock today. The company reports results tomorrow after the close. The shares are trading around resistance at $355, and should the price rise above $360; the stock could rise to around $380.

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Roku (ROKU)

So that nobody feels left out, we can mention Roku, I got a couple of request on the stock late last night for an update. Nothing new here. I still $34 in the stock’s future.

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