The week of February 18 will be a short week with the stock market closed on Monday. This week will be a showdown between the bulls and bears as several key indexes approach significant levels of resistance which will ultimately decide if stocks continue to advance or decline.
S&P 500 (SPY)
The S&P 500 will be the first major index to watch as it approaches a resistance zone of 2,795 to 2,810. I continue to adjust to the region because there is a lot of congestion in that area. It makes the region a potentially challenging zone. But an increase above 2,810 clears a path to 2,872. The S&P 500 is racing to 3,000 and beyond in 2019.
Again, I continue to grow more confident that stocks can rise above this level of resistance.
Russell 2000 (IWM)
The Russell (NYSE:IWM) is the second major index that requires watching because if it can manage to rise above 1,593 a path opens to 1,710.
Housing (HGX)
The PHLX Housing is approaching a key region of resistance around 295. A rise above that level pushes the index on to 315.
Biotech (XBI)
The SPDR S&P Biotech (NYSE:XBI) cleared a critical level of resistance at $85.25, and now there is a path to rise to nearly $90.
Industrials (XLI)
The Industrial Select Sector SPDR (NYSE:XLI) is breaking out at $75.50 and it could be on its way to $78.
Banks (BKX)
BKX also broke out and are rising towards 103 on the BKX.
Oil
Oil appears to be on is its way to $57.50 and perhaps $61.70.
Copper
Copper is trying to break out at $2.81 and could be on its way to $2.90.
Apple (AAPL)
Apple (NASDAQ:AAPL)'s consolidation looks to be nearly complete and may be on the move to $182. So did Buffett buy Apple or sell Apple in the fourth quarter? You better read those filing and see for yourself. 13G/13F which is it?
Square (SQ)
Square (NYSE:SQ) is still looking strong and like it can head up to $83.
Roku Inc (ROKU)
Roku Inc (NASDAQ:ROKU) continues to defy all logic and continues to climb. That valuation is getting steeper. But the Algo’s see the giant gap up at $56 that needs to filled, and that is where it is likely going.
Blackberry (BB)
Blackberry (TO:BB) hit resistance at $8.70, and now it can go on to $8.90, the last test before heading to $9.70.
Micron (MU)
Micron Technology Inc (NASDAQ:MU) continues to power higher, and $45 is looking more and more likely.
Intel (INTC)
Look at Intel (NASDAQ:INTC) go, next stop $52.50.
NXP Semiconductors NV (NXPI)
NXP Semiconductors NV (NASDAQ:NXPI) is nearing a big break out at $95, with the next stop around $106.
Amazon (AMZN)
Amazon.com Inc (NASDAQ:AMZN) is going the other way, and that means it is likely to continue to fall towards $1520.
Nvidia (NVDA)
I think NVIDIA Corporation (NASDAQ:NVDA) falls towards $139 this week, with a path to $104.
Chipolte (CMG)
Chipotle Mexican Grill Inc (NYSE:CMG) has been frozen at $605 and could be on its way back to $560.
Align (ALGN)
Align Technology Inc (NASDAQ:ALGN) is another stock filling the gap and is probably going back to $290.
Facebook (FB)
Facebook (NASDAQ:FB) may be working to fill that gap at 148, but first, it has to fall to $157.
Advanced Micro Devices Inc (AMD)
If Advanced Micro Devices Inc (NASDAQ:AMD) can get over $24, then it may rise to $25.70.
Cisco (CSCO)
Cisco Systems Inc (NASDAQ:CSCO) looks like it is on a path towards $55.
Disclaimer: Michael Kramer owns XBI March $87 Calls. Michael and the clients of Mott Capital own Apple and NXP.