Stock Market Predictions for the week of March 4
Michael Kramer and the clients of Mott Capital own Apple and Tesla
It will be a modestly busy week with the ADP Job report Wednesday and the BLS Job report on Friday. The consensus is for a non-farm payroll job increase of 178,000 with an unemployment rate of 3.9%, and average hourly earnings rising by 3.4%.
S&P 500 (SPY)
The S&P 500 will attempt to continue to rise after a strong showing the past few weeks. The technical charts continue to point an S&P 500 on the rise. Should the index break out and climb over 2,812 it is next stop would be around 2,870.
Apple is still heading higher and continues to be on a path to rise towards $182.
Amazon continues to show signs of a stock that is likely to rise over the short-term to around $1,770.
Tesla continues to hold the uptrend that now dates back to October. As long as that trend continues to hold I believe this a stock that is heading higher. The company is averaging more than 5,600 cars per week, and that has produced more than 55,000 Model 3 so far this quarter, based on Bloomberg’s data.
JD’s had a big move higher this week, and now the shares may be getting slightly overbought. I think it would be reasonable and healthy for this one to pull back to around $26 this week before making its next advance higher to $34.
Micron pulled back some last week, but the trend continues to be higher towards that $45.50 region.
Roku has surged following its results, and shares may be getting a bit overbought. I expect $70.75 to serve as resistance with a pullback this week to around $64.
One of my subscribers asked me about Canopy, and although I don’t follow this space closely, even I know this one of the bigger names in the group. The chart looks bullish with the potential to rise back to $56.25.
Finally, a reader asked about Iqiyi, again another I don’t know well, but know is the “Netflix” of China. The stock looks overbought now with a pullback to the trend around $24 the most likely for this week.
Good Luck this week
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