9 Monster Stock Market Predictions For The Week Of March 4
It will be a modestly busy week with the ADP Job report Wednesday and the BLS Job report on Friday. The consensus is for a non-farm payroll job increase of 178,000 with an unemployment rate of 3.9%, and average hourly earnings rising by 3.4%.
S&P 500 (SPY)
The S&P 500 will attempt to continue to rise after a strong showing the past few weeks. The technical charts continue to point an S&P 500 on the rise. Should the index break out and climb over 2,812 it is next stop would be around 2,870.
Apple (AAPL)
Apple Inc (NASDAQ:AAPL) is still heading higher and continues to be on a path to rise towards $182.
Amazon (AMZN)
Amazon (NASDAQ:AMZN) continues to show signs of a stock that is likely to rise over the short-term to around $1,770.
Tesla (TSLA)
Tesla (NASDAQ:TSLA) continues to hold the uptrend that now dates back to October. As long as that trend continues to hold I believe this a stock that is heading higher. The company is averaging more than 5,600 cars per week, and that has produced more than 55,000 Model 3 so far this quarter, based on Bloomberg’s data.
JD.com (JD)
Jd.Com Inc Adr (NASDAQ:JD)’s had a big move higher this week, and now the shares may be getting slightly overbought. I think it would be reasonable and healthy for this one to pull back to around $26 this week before making its next advance higher to $34.
Micron (MU)
Micron Technology Inc (NASDAQ:MU) pulled back some last week, but the trend continues to be higher towards that $45.50 region.
Roku (ROKU)
Roku Inc (NASDAQ:ROKU) has surged following its results, and shares may be getting a bit overbought. I expect $70.75 to serve as resistance with a pullback this week to around $64.
Canopy (CGC)
Although I don’t follow the Canopy Growth Corp (NYSE:CGC) space closely, I know this one of the bigger names in the group. The chart looks bullish with the potential to rise back to $56.25.
Iqiyi (IQ)
Finally, a reader asked about iQIYI Inc (NASDAQ:IQ), again another I don’t know well, but know is the “Netflix (NASDAQ:NFLX)” of China. The stock looks overbought now with a pullback to the trend around $24 the most likely for this week.
