Well, stocks continue to roll, and the leadership in the market appears to be just a handful of companies, and as long as these companies remain strong, it’s hard to imagine the stocks can’t continue to rise. I think it has become just that simple. Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL), and Amazon (NASDAQ:AMZN) have had great years, and they happen to be the four largest companies by market, with a valuation of around $5 trillion between them, out of a total market value of about $30 trillion.
S&P 500 (SPY)
The critical part, however, came late in yesterday when the S&P 500 set a new closing high at 3,351. It is hard to deny that the market finds itself in a favorable position now and can push even higher towards 3,400. Consider that before the coronavirus, the RSI on the S&P 500 was toppy with a reading in the mid-’70s with the S&P 500 trading around 3,335. Yesterday we had an RSI at 63 with S&P 500 trading at 3,350. I think this sets us up nicely to push the S&P 500 on to 3,400 in the coming weeks.
ACADIA (ACAD)
ACADIA (NASDAQ:ACAD) looks like it is finally breaking free of that falling wedge pattern and appears to be trying to clear resistance at $43.35. I think we can see the stock rise to around $45.85. I’m still wondering when they are reporting results. Last year they didn’t post results until February 26, and this pace it is looking like it may be around the same time.
AMD (AMD)
Advanced Micro Devices Inc (NASDAQ:AMD) looks strong, and I’m super impressed at the stock’s ability to work higher. The stock is likely going back to $53.
{{0|Microsoft (MSFT)
Oh those options traders, they are good, aren’t they? Microsoft (NASDAQ:MSFT) continues to power higher, and the stock was up to $189. It was just last week when the stock was $180 that we saw the options traders buying calls, and the stock is up $9, since. Here if you want to read what you could have read last week, I wrote up this free article on Forbes website. Microsoft’s Massive Stock Gains May Be Far From Over, I still think the stock is probably heading to $200.
Alphabet (GOOGL)
Alphabet (NASDAQ:GOOGL) had an intense day, and it is breaking out too, finally clearing $1,500. So much for that post-earnings drop. Anyway, the stock looks like it is on its way towards $1,600.
IBM (IBM)
Don’t look now, but IBM (NYSE:IBM) is testing resistance at $158 and could be heading back to $169.
