The Stock Market Continues To March Higher

S&P 500 (SPY)

The stock market continued to drift higher on February 25 with the S&P 500 rising by roughly ten basis points to 2,796. The index reached a high at technical resistance of nearly 2,812. That is when the index backed off and started filling the gap created from the morning pop. Not an unexpected outcome.

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S&P 500, spx

What is important here is that the index finally got above 2,800 a significant psychological level. I would expect this 2,800 region to now act as firm support for the index over the coming days, and for the index to rise beyond 2,812.

I did note in my premium write-up that the valuation on the S&P 500 is now higher than its valuation in the fall. That’s because earnings estimates have dropped so much.

Russell

The Russell rose above critical resistance at 1,592 and hugged that level most of the afternoon. This region is a big test for the Russell, this is the level the Russell needs to climb above if the market wishes to reach new highs.

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russell 2000

GE

GE reached our target of $12 in the pre-market. You can decide for yourself if you want to give me a check mark or not. 

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GE

Nvidia (NVDA)

Now it is time to look at a stock which I have got wrong a lot lately, Nvidia.I’m not sure why I have been so wrong. Maybe I have let their poor results cloud my judgment. The chart is now starting to look better than in previous weeks. Additionally, the stock has not broken down, which suggests strength. There appears to be a broader, more positive shift in trend of the RSI too. The equity is looking more and more like it is heading to $178 and not $139.Ugh.

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nvidia, nvda

Apple (AAPL)

I said that Apple broke out and it continues to appear as if it has broken out. A march on to $182 continues to look like the outcome.

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apple, aapl

Qualcomm (QCOM)

Qualcomm continues to have an improving outlook. The stock has a nice uptrend and is nearing a massive break out. I have also noticed some bullish bets in the stock recently. Here is a free article on the stock I wrote up that goes over all of this in greater detail. Qualcomm’s Breakout May Push Shares Even Higher

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Disclosure: Michael Kramer and the clients of Mott Capital own Apple, Acadia, NXP

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

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