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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/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.
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Biotech Stocks
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.
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Technology Stocks
Technology names broke out as well with the shares Technology ETF (XLK) soaring as well, quickly clearing the resistance level at $69.25.
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. Â
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Microsoft
Microsoft has cleared resistance at $95.70 and has made a new all-time high.
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[youtube-feed feed=7]Netflix
Netflix shares have broken out from its two day period of consolidation.
Nvidia
Nvidia shares have also broken above its downward trend as well. My guess is thing can run towards $260.
Alphabet
Alphabet shares appear to be playing fill the gap and could make a run towards $1200
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Nasdaq 100
Finally, the Nasdaq 100, has broken out.
That is it for a Friday.
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Tags: #sp500 #incyte #nektar #bitoech #technology #stocks #alkermes #costco #instacart #anlylam #nektar #incyte #nvidiaÂ
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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.