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8 Stocks and 3 Sectors To Watch For The Week Of April 2!

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The first quarter ended on a positive note, with the S&P 500 finishing Thursday higher by about 1.4 percent. It appears for now that a double bottom has been put into place on the index when looking at the intraday charts, and we are going to want to see the momentum carry through on Monday morning.

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Sectors To Watch:

Technology

The technology ETF ($XLK) managed to finish just below its uptrend line, which again is disappointing, but still, the overall longer-term trend continues to be higher. We need to watch for the XLK to continue to hold the longer-term uptrend, currently around $64. That is the most important level to watch.

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Biotech

Biotech continues along its upward trend as well, that has been in place since last year. Additionally, a symmetrical triangle appears to be forming, and that could be a sign the group is gearing up for a break out at some point in the second-quarter, and perhaps a strong second-half of 2018.

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Semis

The semiconductors continue to look strong as well and are entrenched in an upward direction as well.

Stocks To Watch:

Facebook

Facebook is still the stock to watch in this market, and for now, the trend in Facebook is higher, and like the broader S&P 5oo, it appears a double pattern is in place, and that is good. A big test comes at $166, that is the next resistance level.

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Google

Google managed to clear two downtrends on Thursday, and that is a positive. $1078 is the next level to watch.

Amazon

Amazon has a big gap to fill back at $1,500, so look for a rise. But should Amazon fail at $1,500, I think it moves lower, towards $1250.

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Netflix

Netflix closed right at resistance around $295. Which way does it go? I think it goes higher, especially as the earnings preview notes start coming out.

AMD

AMD found a nice bounce off of support at $9.80, a bounce to $10.70 is the next level to watch.

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Micron

Micron also managed to turn higher around support at $52.25, and an increase to $55.60 is the next level to watch over the short-term.

Twitter

Twitter filled the giant gap last week, and that means you should watch for the stock to start working higher, the next big test comes at $36.75

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Tesla

It doesn’t get any bigger than Tesla this week, with first quarter delivery numbers, and of course the Model 3 ramp update. The Bloomberg Model 3 shows Tesla trending towards producing about 2,200 cars per week. While the company also registered about 2,050 VIN’s in a seven day period through March 30. My gut says the press release reads something like, “In the final few days of the quarter, Tesla was producing cars at a rate that would equal 2,500 Model 3’s per week”.

The stock found a very big bounce off of it long-term support around $245, and that means the next test comes around $290. Watch for a bounce this week, if those Model 3 numbers come around 2,500. We should know our answer no later than after the close of trading on April 3.

Good Luck!

-Mike

Michael Kramer publishes independent macro and options research read across 10+ platforms and by institutional desks. For research syndication, licensing, or consulting inquiries, visit michaeljkramer.com.

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Tags: #sp500 #tech #technology #semiconductors #biotech #micron #tesla #amazon #facebook #google #amd #netflix #twitter

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