Another big rally on Wall Street gives confidence to the bulls. With that said, here are some of the main stock trades to consider now.
Best stock markets of tomorrow # 1: Apple (AAPL)
Apple (NASDAQ:AAPL) may have gained just a few percent on Wednesday, but has risen significantly from this week’s trough. On Monday, the stock hit the breakout level as of September, at $ 215.
You remember this level. Apple dominated twice here, once in May and once in July despite good results. In September, AAPL finally broke out on this brand, then maintained it with an impressive reversal in October (purple arrow).
I called for an Apple downturn once it was clear that momentum had waned. However, I never thought we would see $ 215.
Now up $ 40 from this brand, Apple has recovered the 200-day moving average and the $ 248 level. It is also broken down into strong resistance to the downward trend (blue line). I want to see the stock hold above these marks now. A return below $ 240 puts a void towards the $ 220 at stake.
On the upside, a return to the 100-day moving average seems greedy – but technically possible. At this point, however, I would be careful. It’s still a bear market after all.
Best stock markets of tomorrow # 2: Nike (NKE)
Nike (NYSE:NKE), the shares explode Wednesday after a better than expected profit.
The rally was strong, as Nike action resumed the 200-week moving average.
After two weeks, the stock successfully closed the two weeks north of $ 65, while testing at $ 60 was also maintained.
Now let’s see if Nike can recover the 100-week moving average near $ 83. So far, this brand has been resistance. The more it puts the 50-week moving average on the table. On the downside, however, see if NKE can keep the 38.2% retracement. Below puts the 200-week moving average back on the table.
Best stock markets of tomorrow # 3: S&P 500 ETF (SPY)
the SPDR S&P 500 ETF (NYSEARCA:SPY) is looking to make their first gain of two days in more than a month. The ETF is also pushing the resistance brand to the downward trend (blue line) which has been beating it for weeks.
This $ 255 level could be critical for SPY, putting $ 270 on the table if he can clear it with conviction. Below, it keeps a new test of lows from the fourth quarter of 2018 on the table near $ 233.
Underneath, that puts the 52-week socks on the table.
I’m not trying to be pessimistic here, but remember, we are currently in a bear market. Until the end of the lows, and it’s hard to aggressively add to the long ones until we get better news and more technical confirmation.
A drop which results in a higher low will give the bulls another chance to load and the graphics more time to repair. A push forces investors to continue long positions and, ultimately, involves another sharp drop.
Best jobs of tomorrow # 4: Boeing (BA)
Boeing (NYSE:BA), the actions eventually rose, as the stimulus bill is expected to end soon. The shares were able to recover the level of $ 137, but are found in the 23.6% retracement for the 52-week range.
On a step back, see if the BA title can contain $ 137 as support. Below keeps $ 100 on the table. Above the 23.6% retracement – however – puts $ 200, then $ 220 and up on the table. Take it level by level and if you bought less than $ 100 for an exchange, book some profits would be a prudent consideration.
Bret Kenwell is the director and author of Future Blue Chips and is on Twitter @BretKenwell. At the time of writing, he has long been an AAPL.