Why The S&P 500 Will Be At 4,400 Soon Enough; Memes Are Rallying

www.investing.com/analysis/why-the-sp-500-will-be-at-4400-soon-enough-memes-are-rallying-200584748

By Jani Ziedins | Jun 08, 2021 01:33AM ET

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The S&P 500 opened Monday morning almost exactly where it ended Friday afternoon. Nothing happened over the weekend that changed anyone’s mind and the index continues holding near record highs.

There was a 0.2% midday slump that gave a few people second thoughts, but a one or two tenth move in either direction is as normal as breathing for the market. A little wiggle here and there is not meaningful.

More significant, is the index continues hovering near all-time highs. Sideways markets almost always favor the prior trend and there is no reason to think this time is any different.

After resting near 4,200 for nearly two months, it is almost time for the next leg up to 4,400. As I often say, a market that refuses to go down will eventually go up. It is almost time.

Facebook Weekly Chart

The meme stocks are back and this once again proves stupid is prone to getting even stupider. AMC Entertainment Holdings (NYSE:AMC) and GameStop Corp (NYSE:GME) are ownable as long as they remain above their recent breakouts.

Breakout buyers that got in early are in great shape. Those that missed the initial move are best waiting for another entry because buyers at these dizzying levels are likely to see pretty big losses in the process of holding for higher prices.

Facebook Inc (NASDAQ:FB) is the rock star of the FAANG group and it is making record highs again. Things that are high tend to get even higher and FB definitely fits that description.

Keep holding for higher prices and see where this goes.

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US 30	34,272.6	-312.3	-0.90%
US 500	4,402.3	-30.7	-0.69%
Dow Jones	34,584.88	-166.44	-0.48%
S&P 500	4,432.99	-40.76	-0.91%
Nasdaq	15,044.0	-138.0	-0.91%
S&P 500 VIX	20.81	+0.00	+0.00%
Dollar Index	93.317	+0.141	+0.15%

Crude Oil WTI	71.23	-0.59	-0.82%
Brent Oil	74.81	-0.53	-0.70%
Natural Gas	4.982	-0.079	-1.56%
Gold	1,749.80	-1.60	-0.09%
Silver	22.297	-0.040	-0.18%
Copper	4.1735	-0.0725	-1.71%
US Soybeans	1,272.38	-11.74	-0.91%

SPDR S&P 500	441.40	-4.34	-0.97%
iShares Russell 2000	222.48	+0.29	+0.13%
Invesco QQQ Trust	373.83	-4.48	-1.18%
Direxion Daily Junior Gold Miners Bull 2X Shares	59.57	-1.01	-1.67%
iShares Silver	20.74	-0.51	-2.40%
ProShares Ultra VIX Short-Term Futures	23.48	+2.10	+9.82%
ProShares UltraPro QQQ	142.24	-5.21	-3.53%

Apple	146.06	-2.73	-1.83%
Alphabet A	2,816.0	-56.2	-1.96%
Tesla	759.49	+2.50	+0.33%
Amazon.com	3,462.52	-25.72	-0.74%
Netflix	589.35	+2.85	+0.49%
Facebook	364.72	-8.34	-2.24%
Bank of America	40.50	+0.05	+0.12%

Why The S&P 500 Will Be At 4,400 Soon Enough; Memes Are Rallying

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