8 Monster Stock Market Predictions For The of October 19 - Take 2
Here are 8 monster stock market predictions to start the week of October 19

8 Monster Stock Market Predictions For The of October 19 – Take 2

October 18, 2020

STOCKS – AMD, T, TSLA, INTC, NFLX

Macro – SPY, QQQ, XLU

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Macro Headlines: 

Stock Specific:

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S&P 500 (SPY) 

Stocks will try to advance after stalling out this past week. The momentum is still behind the rally for at least a little bit longer. The RSI is still pushing higher, and a steady trendline holding up as support. Additionally, it would appear we are the fifth wave of a 5 wave count higher. So I continue to think we are heading higher from here to around 3,600. 

NASDAQ 100 (QQQ) 

Meanwhile, we can make a similar statement about the Q’s and its potential to power higher towards $305. The RSI on the hourly should be ignored, as I believe the RSI is never a good indicator of intraday timeframes. 

Utilities (XLU) 

But interestingly there may be a defense tone beneath the surface, and we will need to closely watch the XLU, as it appears to be breaking free of a flag pattern and potential heading higher towards $69. The RSI has broken free of a downtrend, and that suggests higher prices are on the way. 

Intel (INTC)

I think Intel will continue to rise this week. The stock appears to have finally turned the corner. The RSI is steadily rising and is still below overbought levels. I think it climbs to around $56. (Premium content from 10/12 -Intel’s Stock Is Breaking Out)

AMD (AMD)

AMD has been holding on to its 50-day moving average over the past few days. But the pattern is still bearish, with an RSI trending lower, which is still not indicating oversold conditions. Again, I think this likely heading lower towards $72. 

Tesla (TSLA)

Meanwhile, Tesla will report results this week, and has moving nicely higher along and uptrend. The RSI is trending higher, and it suggests that the stock continues heads to around $476.

Netflix (NFLX) 

Momentum in Netflix has really shifted, from higher to lower, with an RSI trending to lower prices. I think the company disappoints this week and the stock heads back to $495. 

AT&T (T)

Maybe AT&T has finally hit bottom, with an RSI turn potentially forming. If the stock can hold on to $27.30, it can start to recover towards $28.90. 

-Mike

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