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/Brexit 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.
The NASDAQ biotech ETF cleared two extremely critical levels over the past two days, 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.
We see a similar confirmation 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.
Technology names broke out as well with the shares Technology ETF (XLK) soaring as well, quickly clearing the resistance level at $69.25.
Microsoft has cleared resistance at $95.70 and has made a new all-time high.
Netflix shares have broken out from its two day period of consolidation.
Nvidia shares have also broken above its downward trend as well. My guess is thing can run towards $260.
Alphabet shares appear to be playing fill the gap and could make a run towards $1200
Finally, the Nasdaq 100, has broken out.
That is it for a Friday.
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