S&P 500 (SPY)
Stocks had another dull trading session based on the S&P 500, but it did manage to close slightly higher around 2908. It would seem that now the S&P 500 is getting ready to make a push towards 2,915.
The pattern in the S&P 500 is forming is an ascending triangle, and it would suggest that the market does break out and make that next move high above 2,915 over the next 2 to 3 days. Overall, the broader market continues to look healthy.
Health Care (XLV)
The health care ETF XLV finished flat, and the chart below shows how the ETF rose to resistance at $86.40 and failed. Indeed not the greatest of signs.
Biotech (XBI)
The biotech XBI ETF also failed at resistance this morning at $85.25.
Netflix (NFLX)
Meanwhile, investors seem to have come to their sense today about Netflix Inc (NASDAQ:NFLX), and the not so slowing subscriber growth, with the stock surging nearly 5%. The shares closed right at resistance at $378. It will likely result in stock breaking and rising to the next level of resistance around $388. You can see that the RSI is nearing a big break out too, confirming the price.
Amazon (AMZN)
Amazon.com Inc (NASDAQ:AMZN) also had a big day rising by about 1.5%, with the stock pushing towards $1903. I’m going to have to look at changes in the options trading following today to see if there is a change in the overall outlook for the stock.
Facebook (FB)
Facebook Inc (NASDAQ:FB) also continues to move higher and is continuing to run towards around $186.
Alphabet (GOOGL, GOOG)
Alphabet (NASDAQ:GOOGL, GOOG) also had a good day rising about 1% and is closing in on 1,270.
Square (SQ)
Square Inc (NYSE:SQ) had a pretty good day but still isn’t out of the woods. The stock managed to stop rising at resistance around $73. So we can’t get bullish on this stock again until it can increase and close above that resistance. Sorry, but if I had to choose, I’d still rather own Visa (NYSE:V) and Mastercard (NYSE:MA) over Square, but then again I do hold Visa and Mastercard, and not Square.
Visa (V)
Visa is one stock that continues to climb, and I have mapped out a path to around $165.
Mastercard (MA)
Mastercard appears to be on a path towards $252.
