S&P 500 (SPY)
Nov. 18 was one dull day, with the S&P 500 finishing up by 2 points to 3,122.
The general pattern: the market is moving sideways during off days. This is a pattern that has repeated since the middle of October, but how long it will last?
VIX
VIX is trading around 12, so caution is advised. Historically that has been the bottom of the range in 2019. The prior two times the VIX reached 12, was in April and July, and we know what happened in May and August. It is not to say that the low volatility can’t persist because it was around 12 or lower for most of 2017.
Shopify
Shopify (NYSE:SHOP) finally broke through the $315 level yesterday and would indicate the shares are likely to climb around $335 or thereabout.
Snap (SNAP)
Snap (NYSE:SNAP) had a very good day, and as I noted in a Forbes article, the stock may climb to around $15.60.
Square (NYSE:SQ)
It looked like Square may finally be breaking out of its slump and headed back to $70.
Netflix (NASDAQ:NFLX)
Netflix (NASDAQ:NFLX) continues to power ahead, increasing over $300. The stock is likely heading back to $320.
Micron (MU)
Micron (NASDAQ:MU) continues to fail at resistance at $48.75 for the second session in a row. The more it fails at resistance, the worse the outlook gets. Additionally, the RSI continues to trend lower, another negative sign. It makes the uptrend all the more critical.
