This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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APRIL 28, 2020
Stocks – AMD, SBUX, GOOGL, PFE
Macro – SPY, QQQ, XLF, XLI, XLB
Funny Level – None
S&P 500 (SPY)
Stocks are rising again, with the S&P 500 ETF rising by about 1%. The index is now trading at its highest level since March 6 at $290.40. The next level of resistance on the index comes around $293.40.
Meanwhile, the NASDAQ Q’s are touching up against resistance this morning around $219.40. An increase above that price sets up a move to $227.50.
But what seems to be interesting to me is that some of these ETF’s have struggled and have gained much since April 9.
So we can continue to see what happens throughout the rest of the week as some of these big companies continue to report results.
Alphabet will report results tonight after the close and has struggled recently to break above $1,295. This is the big level to watch with a push above sending shares to $1,360, while support comes around $1,150.
Starbucks will report tonight as well, with its next level of resistance at $83.50, and support at $72.30
AMD will report results tonight as well, and it faces a stiff level of resistance around $59
Pfizer reported better eps and revenue, but this has to be one of the most bearish charts I have seen in some time.
Anyway, that’s all
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