This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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- Traders Betting AT&T Not Finished Rising
For the week of November 25
It will be a holiday-shortened trading week with the markets closed on Thursday for Thanksgiving and will close early on Friday. It will likely make for a quiet week of trading.
S&P 500 (SPY)
The S&P 500 has been rising in a channel since the beginning of November, and as of now, the channel has remained very strong. As long as the trend remains, the index is likely to conitnue to advance with 3,150 acting as the next level of resistance. Premium content – Biotechs Are Poised To Soar- Your Week Ahead
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Apple has been rising as well. However, Apple may be showing signs of fatigue as the stock test support at $260. Should the level of support at $260 fail, it could be headed lower to $255.
Microsoft continues to move higher and is likely to test resistance around $152.
There is a good chance that Tesla bounces sharply and fills the gap back to $360 after the company announced it had almost 150,000 reservations for its cybertruck. Of course, a reservation is just $100, and it makes the hurdle much lower than what we have seen for the X and Y. But still, that is far more than people were opining on Friday, from what I heard.
GE looks like it may be forming a pennant pattern, and that means it may be heading to $12.35.
Acadia has been challenging resistance around $48.25, and it appears to be forming a bullish rising triangle pattern. A break out sends the stock to $51.80.
Regeneron is popping its head up, rising above resistance at $350. It could set up a push to $395.
Illumina is nearing a breakout at $316 that could result in the stock filling a gap up to $360.
Have a great Sunday!
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