9 Monster Stock Market Predictions For The Week Of March 4
It will be a modestly busy week with the ADP Job report Wednesday and the BLS Job report on Friday. The consensus is for a non-farm payroll job increase of 178,000 with an rate of 3.9%, and average rising by 3.4%.
S&P 500 (SPY)
The will attempt to continue to rise after a strong showing the past few weeks. The technical charts continue to point an S&P 500 on the rise. Should the index break out and climb over 2,812 it is next stop would be around 2,870.
S&P 500, spx
Apple Inc (NASDAQ:) is still heading higher and continues to be on a path to rise towards $182.
Amazon (NASDAQ:) continues to show signs of a stock that is likely to rise over the short-term to around $1,770.
Tesla (NASDAQ:) continues to hold the uptrend that now dates back to October. As long as that trend continues to hold I believe this a stock that is heading higher. The company is averaging more than 5,600 cars per week, and that has produced more than 55,000 Model 3 so far this quarter, based on Bloomberg’s data.
Jd.Com Inc Adr (NASDAQ:)’s had a big move higher this week, and now the shares may be getting slightly overbought. I think it would be reasonable and healthy for this one to pull back to around $26 this week before making its next advance higher to $34.
Micron Technology Inc (NASDAQ:) pulled back some last week, but the trend continues to be higher towards that $45.50 region.
Roku Inc (NASDAQ:) has surged following its results, and shares may be getting a bit overbought. I expect $70.75 to serve as resistance with a pullback this week to around $64.
Although I don’t follow the Canopy Growth Corp (NYSE:) space closely, I know this one of the bigger names in the group. The chart looks bullish with the potential to rise back to $56.25.
Finally, a reader asked about iQIYI Inc (NASDAQ:), again another I don’t know well, but know is the “Netflix (NASDAQ:)” of China. The stock looks overbought now with a pullback to the trend around $24 the most likely for this week.