Home ยป Biotech, Technology, And NASDAQ 100 All Breakout – S&P 500 Back To 2,880?

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Biotech, Technology, And NASDAQ 100 All Breakout – S&P 500 Back To 2,880?

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Biotech, Technology, And NASDAQ 100 All Breakout – S&P 500 Back To 2,880?

Stocks were in rally mode again after a better than expected job report boosted the S&P 500 by about 1.5 percent. Any hesitation I have had over the past couple of day seems to indicate that the market, technology, and biotech stocks have now broken out, and that means they may have more upside potential from here.

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S&P 500 A Rise Back To 2,880

The S&P 500 is approaching the upper bound of the 2016 lows/Brexitย trend line. When the index crossed over the trend back in late December, it resulted in the index surging all the way to 2,880. I think the same thing might happen again this time, as the fundamentals of the economy, the job market, and earnings continue to look very strong.

S&P 500

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Biotech Stocks

The NASDAQย biotechย ETF cleared two extremely critical levels over the past two days,ย  resistance at $111.50, and then again today $113.70. That could be a sign the ETF is set to rise all the way back to $119.25.

biotech

We see a similarย confirmationย in the iShares Biotech ETF (XBI) as well, with the potential for to rise to roughly $98.

One can see well the winners outweigh the losers, with only 2 of the top 25 stocks down.

biotech

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Technology Stocks

Technology names broke out as well with the sharesย Technology ETF (XLK) soaring as well, quickly clearing the resistance level at $69.25.

technology

In fact, like the biotech stocks, the distribution of the technology sector is heavily favored to the winners, with only three stocks lower on the day.ย ย technology

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Microsoft

Microsoft has cleared resistance at $95.70 and has made a new all-time high.

microsoft

Netflix

Netflix shares have broken out from its two day period of consolidation.

netflix

Nvidia

Nvidia shares have also broken above its downward trend as well. My guess is thingย can run towards $260.

nvidia

Alphabet

Alphabet shares appearย to be playing fill the gap and could make a run towards $1200

alphabet

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Nasdaq 100

Finally, the Nasdaq 100, has broken out.

nasdaq 100

That is it for a Friday.

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Tags: #sp500 #incyte #nektar #bitoech #technology #stocks #alkermes #costco #instacart #anlylam #nektar #incyte #nvidiaย