It will be a busy week for stocks with plenty of economic news. Still, the focus will remain on the potential for an economic stimulus that should help boost the economy. As long as the Democrats continue to entertain President Trump’s offers to do a stimulus, the market will continue to rise on hopes of another 2 trillion dollar relief bill. However, I feel that is unlikely that the Senate would pass such a measure before the election and with the beginning of a confirmation hearing for the Supreme Court nominee.
Additionally, there seems to be a belief that Joe Biden will easily win the election. Also, many believe a blue wave will sweep across the country. I think the chances of a blue wave are slim, and undersampling has given the impression the former VP has a wide lead. My research suggests otherwise. But, this belief will help to elevate the market. – Biden’s Lead Over Trump May Be Much Smaller Than The Polls Suggest
We have typically seen on Monday mornings significant gaps higher for the . I don’t think this Monday will be any different with the potential for the S&P 500 to rise to around two 3,500 and potentially as high as 3,560 over the next several sessions.
Amazon (NASDAQ:) could potentially push to around $3,340 this week, where it will meet a level of technical resistance.
Advanced Micro Devices’s (NASDAQ:) potential acquisition of Xilinx (NASDAQ:) comes as a surprise, and it could be one reason why the stock continues to decline despite a rising market. It probably has a good chance to fall back to around $75.
Facebook (NASDAQ:) has the potential to break out and push higher towards its next level, $276
Inteln (NASDAQ:) has been on a path to recovery, and I think this one is still continuing to head towards $56
Shopify (NYSE:) managed to hold some essential support around $850 and is now likely heading back towards its all-time highs around $1150. Potentially, it could push even higher towards the top of the megaphone pattern at $1,200
Tesla’s (NASDAQ:) been trading sideways in a consolidation pattern, and a symmetrical triangle, a breakout above $442 likely sends the stock back towards $475
Finally, Apple(NASDAQ:) appears to be getting itself together with some big option bets placed last week, which suggests that the stock is breaking out right now, potentially heading back towards $125.