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9 Stock Market Predictions For The Week Of January 21

Published 01/20/2019, 11:32 PM
Updated 09/20/2023, 06:34 AM

It will be a short trading week with Monday closed for Martin Luther King Jr. day. It will also be a relatively light week for economic data in the U.S. with the Markit Manufacturing and Services PMI’s on Thursday.

S&P 500

The S&P 500 is approaching a significant level of technical resistance and downtrend at 2,690. If the index can manage to rise above that level, it likely triggers a much bigger rally, perhaps to 2,800.

S&P 500 Chart

NASDAQ

The NASDAQ has already risen above its downtrend and is likely a positive sign that index can continue to increase. Additionally, it is likely to serve as a positive sign for the S&P 500.

NASDAQ Chart

Tech Sector

TheTechnology Select Sector SPDR (NYSE:XLK) is also nearing a potentially big break out at $65.50.

XLK Chart

Consumer and Industrials

Consumer Discretionary Select Sector SPDR (NYSE:XLY) is also breaking out, as is the Industrial Select Sector SPDR (NYSE:XLI).

XLY, XLI Chart

Microsoft

Microsoft Corporation (NASDAQ:MSFT) has been steadily rising and may be on its way to around $112. The RSI is also nearing a potential break out, which could be a positive sign for the long-term uptrend in the stock.

MSFT Chart

Apple

Apple Inc (NASDAQ:AAPL) has risen above a critical level of resistance at $155, and should it manage to rise above $163; it has room to move up to $182.

Apple Chart

Amazon

Amazon.com Inc (NASDAQ:AMZN) is the largest stock in the consumer discretionary sector, and the big hurdle for Amazon doesn’t come until $1,770.

AMZN Chart

Netflix

Netflix Inc (NASDAQ:NFLX) successfully refilled a gap at $335, and it held firm on Friday. If the stock falls below $335, it could drop to around $329. But it seems more likely the stock retest resistance at $355 and moves on to $380.

NFLX Chart

Tesla

Tesla Inc (NASDAQ:TSLA) fell hard on Friday following some less than clear news about its fourth-quarter profit. But then again, it doesn’t take much for the short-sellers to get into motion. $300 has been a significant level in the past; I don’t see any reason the stock can’t continue to hold support at $300.

TSLA Chart

Square

Square (NYSE:SQ) broke out in a big way last week, and should it rise above $75, it could be on its way to $83.

SQ Chart

Roku

Roku Inc (NASDAQ:ROKU) still can’t get over $43, and I continue to believe the stock is heading lower to $34.

Roku Chart

Micron

Micron Technology Inc (NASDAQ:MU) is once again trying to break out, and jump above $37, pushes the stock up to $40.25.

MU Chart

Regeneron

Regeneron Pharmaceuticals Inc (NASDAQ:REGN) could be on its way towards $440.

REGN Chart

Disclaimer: Michael Kramer and the clients of Mott Capital own Apple, Netflix, and Tesla.

Original post

Latest comments

nice one michael. gonna sell my micron at $40. not gonna be greedy. but for Apple that stock gonna drop. alot of factors is locking on apple upcoming earnings report. like their china consumer boycotting apple iphones and Hua wei and samsung phone is super way better rhan Iphone one currently. apple need to improve on their tech.
As always, great rundown Michael.
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