For the week of November 18
MACRO
S&P 500
Stocks will look to continue where they left off last week, and will likely continue to work there way towards 3,150 on the S&P 500. The market is holding steady on negative headlines, and pushing higher on positive ones.
Russel 2000 (IWM)
Meanwhile, we will continue to wait for the Russell 2000 to break out. The index has been unable to get above 1,600 for some time being.
STOCKS
AMD (AMD)
AMD (NASDAQ:AMD) seems to be on a course that will end up sending the stock back to prices not seen since 2006, at roughly $42.
Microsoft
Microsoft (NASDAQ:MSFT) is likely to continue to push higher this week with the potential to make it to around $152 in the not to distance future.
Intel
Intel (NASDAQ:INTC) is testing a break out of its own around $59 with the potential for a push higher to prices not seen since September 2000 at $64.
Beyond Meat
Beyond Meat (NASDAQ:BYND) has acted very well at support around $78. I thought it would fill the gap $100 last week; it stands a better chance this week.
Micron
Micron (NASDAQ:MU) failed at resistance at $48.75 this past week, and it doesn’t bode well for my call for the stock to rise to $53 I noted on November 5.
Acadia (ACAD)
Acadia (NYSE:AKR) finally made it to resistance at $48.10; now, it needs to break out to get back to it all-time $52. The way the stock traded last week on strong volume, one has to think there is news coming soon.
Biogen
Biogen (NASDAQ:BIIB) keeps slipping lower, and now it is at support at $280. The big question is if it fills that gap down at $225.
It may. Maybe not this week, but if breaks support, watch out.
