S&P 500 (SPY)
Stocks put together a decent day with the S&P 500 rising about 75 basis point, but well off the highs. I think the S&P 500 is still heading higher towards that zone of resistance at roughly 2,850.
The trading action was decisive as critical levels of support were tested on many occasions. But the crucial point here is that the S&P 500 was able to re-take and close above 2,812. The region around 2,812 had acted as a dangerous level of resistance in the past.
Russell 2000 (IWM)
The setup in the Russell 2000 also looks very positive with what appears to be a reverse heading and shoulders on the intraday chart, a bullish pattern. We can see that Russell rose above the neck at 1,521, and then retested that break out mid-day. I think that puts the Russell on track to reach around 1,550 to 1,560.
It is also extremely positive that 1,521 was tested mid-day and held firm.
Apple (AAPL)
Apple Inc (NASDAQ:AAPL) is likely now heading back to $182. That is fine and is welcome news. The stock needs to cool-off and consolidate so that it can continue to rise in the future.
Qualcomm (QCOM)
Qualcomm (NASDAQ:QCOM) jumped on the news it won at least one patent litigation with Apple. The stock is attempting to rise above $58, but the key here is for the stock to continue higher, that has been the big problem for the stock in recent months. If it can stay above this $58 region, then the next significant level to watch for is $62.25.
Tesla (TSLA)
Tesla (NASDAQ:TSLA) is bumping against resistance at a downtrend. A break out could result in the stock moving back to $298.
Netflix (NFLX)
Netflix Inc (NASDAQ:NFLX) gave away nearly all of its gains from yesterday. $355 is still technical support, and I think we can see the stock move toward $378.
AMD (AMD)
Advanced Micro Devices Inc (NASDAQ:AMD) is still holding support at $25.70, and the RSI is still showing a higher trend. I do believe that this stock continues to head higher.
