Stocks Will Try To Break Out Of Their Trading Range on August 24

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August 24, 2020

STOCKS – AMD, BABA, FB
Macro – SPY

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Stocks are rising on August 24, as it seems as if stocks are trying to break out of the last couple of weeks trading range, ahead of Powell’s speech on Thursday. Of course, what matters is where the indexes close and if they can hold their moves higher. Currently, the futures are trading higher to around 3,420 on the S&P 500 eminis. If the rally manages to hold and continues to work, then the next level of resistance for the futures would come somewhere around 3,450.  Again, it is important to see confirmation in these markets. 

Alibaba (BABA)

Alibaba got a price target boost from Barclays, going to $320 from $300. The stock is trading around $273 in the premarket, pushing it up against a rising resistance level. The RSI had been falling, and that likely means the stock doesn’t advance much further beyond $275.

AMD (AMD)

AMD was downgraded by Northland today, to a market perform from outperform. The stock has been consolidating nicely around the $80 to $85 region, and suspect that will continue. 

Facebook (FB)

Facebook had its price target raised to $315 from $275 at Citigroup. If the stock can push higher and get above $272, the next level it could climb to is $299.

Have a good one

-Mike

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