Stocks Continue To Rise With More Gains To Come
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF AAPL & CELG
Stocks continued their advance on Friday, with the S&P 500 ($SPY) rising by roughly 40 basis points on the day. The S&P 500 is now trading around 2,840 rebounding nicely from the sell-off of last week. As the hourly chart shows, the S&P 500 has now successfully tested and retested technical support around 2,794 to 2,800 on a few occasions, and that support has held every time. It furthers my confidence that equity prices will continue their advance over August.
Technology stocks ($XLK) have also managed to find a bounce of late. Bouncing off an uptrend starting in early February.
Apple ($AAPL) has been a big reason for the markets rebound this week, and for now, Apple appears to have firmly broken out and should have a stable layer of technical support around $200. In my subscriber section today, I went through the reason’s I think Apple’s stock may rise by about 50 percent over the next year or so. Why Apple May Rise By 50%
Facebook ($FB), on the other hand, is in a different boat, and for now, the $166 level continues to hold firmly. The upside for now looks limited around $183.
To this point, Amazon ($AMZN) has been unable to get back above resistance at $1840. The recent price action in the stock reminds me of what happened after the first quarter results. The stock may be stuck in the mud for a while longer.
The smaller biotech ($XBI) stocks have struggled lately, with the XBI failing to break out at $101 despite multiple attempts. For now, an uptrend holds in place.
The large-cap weighted ($IBB) has been a different story, trending higher. That is likely because biotech heavyweights such as Celgene and Regeneron have started rising once again.
Celgene’s stocks ($CELG) look as though it can continue to rise to around $97.
While Regeneron ($REGN) just broke over a key resistance at around $393.
That is going to be it for today!
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