The week of September 9 will be a busy one for the markets with the ECB announcement on Thursday. It is widely expected that the ECB will cut the deposit rate by ten basis points, to negative 50 basis points. It is also expected that they will restart QE. It could provide a significant tailwind to the equity market.
S&P 500 (SPY)
The S&P 500 cleared three major hurdled last week as I talked about in yesterday write up. My expectation is for the index to continue to trend higher towards 3,000.
Amazon (AMZN)
Amazon (NASDAQ:AMZN) had a good week increasing above resistance at $1825; we can see it even acted as support later in the week. I think that pushes AMZN up towards $1900. But I have been saying that for weeks.
Cisco (CSCO)
Cisco (NASDAQ:CSCO) is also starting to look much better, with a stock that is approaching resistance at $49.30. Should CSCO break out above that resistance it could result in CSCO rising back to $51.
AMD (AMD)
The chart for AMD doesn’t look right, with strong resistance around $31.40. I’m torn because the sector has been hot, but the chart for AMD seems lousy. I think it falls this week to $29.40.
NVIDIA (NVDA)
NVIDIA jumped over resistance at $178, and that may help to shares up to $198.
Alibaba (BABA)
Alibaba (NYSE:BABA) is at resistance at $179, and now with the trade war worries on hold, a break out sends the stock higher towards $188.
JD (JD)
Jd.Com (NASDAQ:JD) is once again back to resistance at $31.50, and every time it gets there, it fails. Not this time. This time, I think the stock is going to break out and rise finally, towards $34.80.
Intel (INTC)
Intel (NASDAQ:INTC) is close to breaking a downtrend which could send its stock higher towards $53.60.
Freeport McMoran (FCX)
Freeport-McMoran (NYSE:FCX) could be heading higher too, as it to break above resistance at $9.50. I saw some big options late last week in this name.