Stocks Stall Out On April 2, But Don’t Expect It To Last

S&P 500 (SPY)

The S&P 500 held on to yesterday’s gains finishing the day flat. Pretty good scenario if you ask me. At this point it keeps momentum rising, and 2,872 as the next significant level of resistance to get over.

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S&P 500, spx

The RSI is suggesting there is still plenty more room for the index to continue to rise. We could get some data tomorrow that fuels that increase in the ADP private payroll number. We shall have to wait and see what the overnight session bring us.

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S&P 500, spy

Housing (HGX)

The housing index did break out and I think it is getting ready to move higher towards 315. That is a good sign for the broader market as well.

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S&P 500, spx

Apple (AAPL)

Apple is slowly rising and once again testing resistance at $195. It could be about to break out and could push the stock towards $209.

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apple, aapl

Facebook (FB)

I was focused on Facebook today because the stock has flirted with this level for months and failed every time. I am using $175 to confirm a breakout. I have no confidence that this stock will continue higher. Should the break out be confirmed, then a push to $186 seems like the next likely stop.

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facebook, fb

Nvidia (NVDA)

Nvidia is on the cusp of breaking out too. Should it get over $185.50, we can confirm the breakout and a push back to $200.

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nvidia,

Goldman (GS)

Goldman is quickly approaching resistance at $200. That has been a wall for the stock since January. If the stock can break out, it has room to climb to $215. I’m just not sure that it can.

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goldman, gs

Morgan Stanley (MS)

Morgan Stanley is also near resistance at $44.10, and a break out can see the stock rise towards $46.40.

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morgan stanley, ms

Disclosure: Michael Kramer and the clients of Mott Capital own Apple. Michael Kramer owns SPY Calls.

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

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