S&P 500 SPY
Stocks continued to rise on April 3, although well off their highs. Still, it was respectable showing especially given the giant gap-fill the market performed mid-day. It would have been easy for the bears to take control around 3 PM and push for a sharp decline. Instead, the uptrend held and shares managed to finish up over 20 bps.
Russell 2000 (RUT)
The Russell 2000 is also pushing for a break out as it challenges resistance at 1,562. However, there is a nice uptrend in the Russell, and I think this index continues to move higher towards 1590.
Chips
It is hard to imagine; the Philadelphia Semiconductor Index was at an all-time high today briefly. What does that tell you about slowing global growth? Maybe that the slowing narrative is over. Yeah. I’d say so.
Technology (XLK)
The technology XLK ETF is also at an all-time high.
Apple (AAPL)
Apple Inc (NASDAQ:AAPL) continues to rise, and the stock appears to be breaking out again. Is $209 on the table? It sure looks like it.
Facebook (FB)
So did Facebook Inc (NASDAQ:FB) break out or not? It is a good question. I thought it had when it was trading at $177, but then all of those gains disappeared, and the stock finished lower. But what was resistance at $173 becomes support, and for now, support is holding at $173, which would seem to suggest the stock broke out. I guess we will find out tomorrow.
AMD (AMD)
Advanced Micro Devices Inc (NASDAQ:AMD) had that big break out today and soared to nearly $30, above the $29.40 I was looking for. Now, where does it go? Good question. The way this stock trades I wouldn’t be surprised for the stock to pull back to the uptrend around $26.50.
Nvidia (NVDA)
NVIDIA Corporation (NASDAQ:NVDA) continues to climb, and the break out is in force, and that means a move to $200 is still on the way.
Square (SQ)
It looks like Square Inc (NYSE:SQ) may be breaking out and is rising above a downtrend. It could push the stock on to $83.
Alibaba (BABA)
I think Alibaba Group Holdings Ltd (NYSE:BABA) is re-testing the breakout and should continue to rise. I think the recent slump is nothing more than that.
