For the week of August 19
The week of August 19 will undoubtedly be a busy one filled with headlines. But the most critical headline won’t come until Friday when Jay Powell will speak at the Jackson Hole Economic Symposium at 10 am. It could make this one of the biggest weeks of the year, and again help to shape the longer-term direction for the market.
S&P 500 (S&P)
The good news is that the S&P 500 has developed a bull pattern in the chart, which suggests the index may continue to rise following its late-week surge. The index has found firm support around the 2,825 level now on three occasions. It is setting up what could a bullish reversal pattern known as triple bottom. It also served as a retest of the lows on August 5. Additionally, there is a gap that now needs to fill up to 2935.
However, I am optimistic that this time, the index will continue to rise beyond resistance at 2,935. That is because the index has already previously failed at that level on three prior occasions. On the fourth attempt, it is much more likely the S&P powers through that level. Should that happen, it takes the index higher back to the all-time highs.
NVIDIA (NVDA)
NVIDIA (NASDAQ:NVDA) filled the gap up to $160 this week after reporting better than expected results. Now the stock is likely to continue higher towards $171.
AMD (AMD)
Advanced Micro Devices (NASDAQ:AMD) is hovering around resistance at $31.40, and it is likely to push higher towards $32.30 now.
Amazon (AMZN)
Amazon (NASDAQ:AMZN) has been holding onto support around $1770 nicely, and now if it can finally clear resistance at $1800, perhaps AMZN can push back towards $1900.
Netflix (NTFLX)
Netflix (NASDAQ:NFLX) appears it has successfully retested a break out from a falling wedge. Perhaps finally the stock can start moving higher towards $321 and further.
Tesla (TSLA)
Tesla (NASDAQ:TSLA) may still have some further to fall, but $205 should be the bottom.
