MACRO
The week of November 4 should be much calmer in terms of news and headlines. No Fed, fewer earnings and less economic data.
S&P 500 (SPY)
The market powered higher last week, with the index finishing at 3,066. If we duplicate the move higher in October for the S&P 500 over the balance of the year, then we could finish the year right around 3,150. At least over the short-term, that may be the next significant level of resistance for the market.
It looks like the XBI broke out in a major and watch for the ETF to climb back to $85.25 the week of November 4, and potentially as high as $87.25.
STOCKS
Facebook (FB)
Facebook (NASDAQ:FB) will continue to be on the watch list this week as the stock continues to find a direction following its results. If the stock can continue to hold support around $191, then perhaps it has some further to climb towards $203. If not, a decline to $180 seems likely, which is what I continue to believe is the most likely outcome.
Roku (ROKU)
Roku (NASDAQ:ROKU)will report results this week, and resistance is currently at $150. I think this stock is heading lower back to $135.
Disney (DIS)
Disney (NYSE:DIS) is breaking out of its falling wedge and has retaken resistance at $132. The options betting I observed a few weeks backs suggests the stock rise to around $137.50. I think that is the case. The results won’t matter much, commentary around Disney+ will matter most.
Netflix (NFLX)
Netflix (NASDAQ:NFLX) has had a nice move off its lows and is now trending higher. The good news is that the stock has held support around $285, and that likely means shares are rising back to $300.
Beyond Meat (BYND)
Beyond Meat (NASDAQ:BYND) is hovering around support at $78. The bad news is that the stock is near a break down that could send it to $61.
Acadia (ACAD)
Acadia (NYSE:AKR) is perhaps the only company in the world that can post blow out top and bottom-line results, and then guide higher for the rest of 2019 and the stock goes lower following results. I think it finally does go higher this week and rises to $48.
Starbucks (SBUX)
It looks as if Starbucks (NASDAQ:SBUX) finally broke the downtrend, and it appears it may have retested it too. If that is the case, the stock goes higher and retests resistance around $87.
