S&P 500 (SPY (NYSE:SPY))
Stocks continue to churn but have this underlying bid that seems too hard to ignore. Again, the sellers came in force by mid-morning Thursday, pushing the S&P 500 lower to around 2,798. But still, the buyers stepped in and defended the support level and the index managed to push higher. Now the S&P 500 appears to be gearing up for a big break out on Friday, perhaps finally pushing the index toward filling the gap at 2,850.
Russell 2000
The Russell 2000 is also suggesting that a break out is on the way as it approaches a technical resistance level at 1,535. A break out sends the small-cap index even higher toward 1,562.
Housing Index
The housing index is also nearing a big break out if it can rise above 296, which could result in a move to around 315. Don’t forget just how important this index is as a gauge for the broader market's general direction.
Netflix
Netflix (NASDAQ:NFLX) has been trying to break out but has been stuck below $355. If the stock can ever get over $355, it has room to move back to $378.
Tesla
Tesla (NASDAQ:TSLA) continues to move higher off its recent lows. I continue to think the stock can move back toward $298.50. By the way, the Bloomberg Model 3 tracker is suggesting that the company is making over 6,000 Model 3s a week. Don’t forget, we are mere days away from the company's latest delivery numbers.
