MACRO
The S&P 500 went nowhere yesterday. The index finished Monday down by about 15 basis points. The index went sideways all day, hovering just below resistance around 2975.
I still think that the index is likely to fall and refill the gap over the next day or two at 2,940. Despite my very short-term negative view, I continue to believe the stock market is heading higher into year-end. The significant overhang is currently Brexit, of course, which should have a resolution by the end of the month. But if earnings can manage to come in at a better than expected pace as they usually do, I think it creates the opportunity for a push higher into year-end, especially if we get a Fed that continues to ease on monetary policy.
STOCKS
Tesla (TSLA)
Tesla (NASDAQ:TSLA) had a good day rising over 3% on headlines that the Gigafactory 3 has started production, that’s the plant in China. Regardless, the stock is breaking out with one more hurdle coming in the $260 to $266 region. After that, the stock could move up rather quickly to fill a gap at $300.
Shopify (SHOP)
Shopify (NYSE:SHOP) also had a good day, and with today’s move above $344, the stock could be heading back to $360.
Beyond Meat (BYND)
Beyond Meat (NASDAQ:BYND) fell to support at $124, and for now, it held. How long it holds is the question? My guess is not for long. A drop to $100 doesn’t seem that far off.
AMD (AMD)
Advanced Micro Devices (NASDAQ:AMD) looks like it is in motion, and is now heading the way we thought. A move to $31.40 is now in the works.
Nvidia (NVDA)
NVIDIA (NASDAQ:NVDA) looks like it is ready to break out at moments notice and start rising towards $198.
