S&P 500 (SPY)
Stocks jumped on November 25 with the S&P 500 rising by approximately 70 basis points, closing at 3,132. The index managed to clear support at 3,110 and was off to the race, setting a record high, and is now on pace to rise to 3,150. The only thing I can take issue with is that once again, the RSI is over 70. Otherwise, things are looking pretty good out there.
RUSSELL 2000 (IWM)
The big show was in the Russell index, which finally broke out after being range-bound since February. The index exploded higher yesterday, rising by over 2% to close at 1,622, to its highest price since October 2018. This could be paving the way for a massive move higher, and game of catch-up. Consider that the Russell is up 17% this year to the S&P 500 gain of almost 25%. Should the Russell clear a minor resistance level at 1,640, it is likely to rise rapidly 1,700.
ACADIA (ACAD)
ACADIA (NASDAQ:ACAD) reported positive top-line results for its trial in patients with negative symptoms of schizophrenia. The stock is a bit confused at the moment because it looks like a top-line iffy P-value, just below 0.05. But when you dig through it, the higher dose had a strong p-value. Here's what they found:
"A greater improvement in the NSA-16 total score compared to placebo was observed in the 53.8% of patients (n=107) who received the highest pimavanserin dose of 34 mg (-11.6 vs. -8.5; unadjusted p=0.0065, effect size = 0.34).”
The stock has been challenging a break out at $48; we will see what happens after the conference call.
NVIDIA (NVDA)
NVIDIA (NASDAQ:NVDA) had a good day, and the upgrade from Morgan Stanley (NYSE:MS) powered the stock higher, breaking the level of resistance I had been watching at $212, and proving me wrong. I’m not entirely convinced the stock is heading back to $236, but the odds are getting better.
TWITTER (TWTR)
Twitter (NYSE:TWTR) continues to grind its way higher, and for now, the stock is on a path sending the shares to $31.90.
NETFLIX (NFLX)
Netflix (NASDAQ:NFLX) shook off the Wells Fargo (NYSE:WFC) downgrade to finish up on yesterday and over $315. Not that we are there yet, but if the stock gets over $320, the next level to look for will come at $330.
AMD (AMD)
AMD failed to rise above resistance at $40.20 yesterday, so this will be a big test for the stock today.
