Week of April 22
Michael Kramer and the clients of Mott Capital own Apple, Acadia, and Netflix
As noted yesterday it will be a big week for earnings, and I already provided you with my predictions for the 4 big reports.
It will also be a big week because we will get our first official reading for first quarter GDP growth and estimates are for 2%. The Atlanta Fed GDPNow is tracking the quarter at 2.8%.
S&P 500 (SPY)
The S&P 500 has refilled the gap down at 2,891 from the break out on April 11. It should allow the S&P 500 to continue trending higher this week, giving us a clean break above resistance at 2,915.
Russell (RUT)
The Russell fell hard on last week but managed to hang on to support at 1565. I think we will get a bounce back to the upper end of the range and perhaps back to 1,593.
Biotech (XBI)
Biotech bounced off support at $82.90, and more important is that the RSI continues to hold its uptrend as well. I think we see a rebound this week perhaps back to $90.
Apple (AAPL)
Apple will likely continue to rise as it and move towards $209.
Netflix (NFLX)
Netflix continues to trade sideways, with this slightly up bias, and for that reason, I continue to think it moves toward $380.
AMD (AMD)
AMD will likely continue to rise too, moving higher again to around $29.40.
JD (JD)
JD is likely getting ready for its next big move higher towards $35.
Alibaba (BABA)
Alibaba is looking bullish too, with that rising triangle pattern, setting up a potential move to $201.
Square (SQ)
Square has broken down and appears to be heading towards $65.50.
Qualcomm (QCOM)
Anyone that thinks technical’s don’t matter should look at this chart in Qualcomm. Do you think the recent stocks pause is by chance? I do not believe so. A rise above $82 sends it towards $88.
Roku (ROKU)
I think Roku continues to move towards $52.
Acadia (ACAD)
I had thought Acadia would see $31, but the biotech sell-off has taken the stock in a new direction. Unfortunately, this is a stock that is very much pushed around by the ETF’s. So, for now, $27 is once again resistance.
Good Luck this week
-Mike
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