Stock Analysis

The Stock Market Rally Is Likely To Resume On February 18

Stocks around the globe continue their grind higher with Europe piecing together a solid outing despite the US being closed on February 17.

Germany (EWG)

The German DAX continues to increase, extending to another record high on February 17. Again, this continues to confirm that the US market’s advance is not contained to itself, and that it remains a global market rally.

Shanghai (FXI)

The Shanghai Composite also had a strong session rising by more than 2% and has now recovered all of its losses from the coronavirus sell-off that followed the Lunar New Year break.

S&P 500 (SPY)

Meanwhile, the S&P 500 Futures have been trading higher all day yesterday, rising by roughly 20 basis points to a 3,388. 3,400 is less than a day’s worth of trading at this point. However, based on current trends, I would think that after 3,407, which is the level of resistance I have noted, we could rise to around 3,470 in futures.

Nvidia (NVDA)

NVIDIA (NASDAQ:NVDA) will be on watch today after it’s significant post earnings rise on Friday. The stock has come a long way, and that is because the business has come back. But now the stock finds itself at a wall of resistance at $293, and the shares are no longer a bargain. It means the road ahead may not be as smooth as in 2019. Watch for a gap fill down to $273.

Intel (INTC)

Intel (NASDAQ:INTC) looks like it may be getting ready for that advance higher to $71.50. Remember I was seeing bullish option betting in Intel on February 3.

Alphabet (GOOGL)

Alphabet (NASDAQ:GOOGL) looks to be consolidating nicely around the $1,520 region, and I think that sets up that jump to $1,600 we have been waiting on.

Visa (V)

Visa (NYSE:V) is very close to a new high, and it looks like it may head to $221.

Exxon Mobil (XOM)

I thought Exxon (NYSE:XOM) could rebound to around $67, based on the chart and bullish betting.

Original Post

The Stock Market Rally Is Likely To Resume On February 18

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button
Close
Close
Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!