Home » Stocks Inch Higher, With S&P 500 3,600 Now In Reach

Stocks Inch Higher, With S&P 500 3,600 Now In Reach
Stocks inch higher on February 12, drawing closer to my 3,600 targets, and making me even revise it higher.

Stocks Inch Higher, With S&P 500 3,600 Now In Reach

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In 1 More Day

Michael will be hosting a live streaming event for members of Reading The Markets  for Seeking Alpha and StockTwits on February 13 at 9 PM ET. It will focus on how he uses fundamentals, technicals, and options market analysis to find stocks on the move. As well as taking questions from members!

He will be reviewing mostly the basics of Technical Analysis and Option Trading

S&P 500 (SPY)

The S&P 500 rose by about 60 basis points on February 12, to finish the day around 3,380. I refined my resistance level to 3,376 up from 3,373. Not that it matters much, still I like to have some levels of accuracy. Regardless, 3,400 is now within reach, and less than 1% away. The bigger question is what happens from here? Not much has changed around my longer-term price target for 3,600 on the S&P 500.

But based on the current trends, it seems that the market could arrive at my year-end target a full 6-month earlier than planned, so in June. Additionally, there could be more upside to that, potentially as high as 3,750. This would an extremely aggressive call on my part, and I think if we reach 3,600 by June, the odds of a run to 3,750 increase.

I prefer the slow and steady rise to around 3,600 over the next few months, but whatever, I’m not going to fight.

S&P 500, spx

Acadia (ACAD)

Well, Acadia finally announced it’s earnings date will be on February 26. The quarter will only 2/3’s of the way over by then, ahh, so what. At least that means first quarter guidance should be pretty accurate, we hope. The stock continues to climb and is inching closer to resistance at $45.80. However, as I noted today in the midday update, the RSI has broken that downtrend, and I think that means the stock will continue higher beyond $45.80. 

acadia, acad

Facebook (FB) 

Facebook snapped back today, but still, it looks more like a gap fill, with resistance still hovering around $212. I’m still in the camp that this stock declines back to $203.

facebook, fb

Amazon (AMZN) 

I noted some bullish option betting today in an article for Amazon, suggesting the stock rises towards 2,265. Free story – Amazon‘s Recent Rally May Only Be The Start

Amazon, amzn


GE is rising and now very close to climbing above resistance $13.20. An increase above that sends that stock higher towards $14.70.


Microsoft (MSFT) 

Microsoft seems to have found a level of support at $184 for the moment. Should that level fail to hold, the next region would come around $179.

microsoft, msft

Have a great night


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