Stocks Are Higher On January 24, A Make-Or-Break Point

S&P 500 (SPY

Stocks are rising on January 24, with the S&P 500 futures rising futures pointing to a 7 point increase to start the day. In some respects, this may be the day that determines whether we see a meaningful break out higher, or failure at resistance leading to a pullback.

Stocks are essentially flat this week, and today the futures are sitting right at resistance at 3,336. So far, to this point, the futures have been unable to break through resistance.

It is this simple, a push above 3,336 likely gets the market moving higher towards 3,365, while a move below 3,310 pushes the index lower to 3,260.

S&P 500, es

 

Momentum ETF (MTUM)

I have become obsessed with tracking this Momentum ETF, MTUM. In some regards, I honestly have come to believe that this ETF will determine which way the S&P 500 (SPY) goes. All you have to do is look at the top 25 holdings to know why.

mtum, momentum

 

Intel (INTC)

Intel has received several positive upgrades today from the sell-side, and the charts show that the next level of resistance comes around $69. Just be careful, the stock is trading off the highs in the pre-market, and yesterday moves in Teradyne, and Texas Instruments should serve as a word of caution. The chart below is of Teradyne and Intel; I lined up so you can see the similarities.

intel, teradyne

 

Skyworks (SWKS

Skyworks also got a bunch of price target increases after its beat and raise quarter, which I expected, given the scheduling change of results. However, shares aren’t moving higher, mainly because I think the market saw the same thing coming that we all saw coming. We will see what happens, it was an excellent quarter, and the guidance was strong. $122 is support for the stock.

skyworks, swks

 

 

AMD (AMD)

AMD, no surprise here that the stock is rising after Intel either. Again, I noted a couple of weeks ago; I thought $59 was a possibility. AMD’s Bulls Are Growing Even More Bullish – This is supposed to be a free article

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Disclosure: Michael Kramer And The Client Own Shares Of SWKS 

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

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