S&P 500 (SPY)
The stock market finished February 27 down about five bps on the S&P 500 closing at 2,792. To be quick, nothing has changed at this point. So we can continue to watch the movements. The chart almost has a feel and a look that would suggest it is getting ready for its next leg higher. The next level to watch will come around 2,812.
iShares Nasdaq Biotechnology (NASDAQ:IBB) continues to be hot, and it looks like the IBB is popping out above resistance at $114.
One biotech stock that was sharply higher today was ACADIA Pharmaceuticals Inc (NASDAQ:ACAD), with the stock surging nearly $2 to $25.50. The stock finally broke resistance today at $24, and I think it now opens the door for that rise to $27 that we have long been waiting on.
I am surprised Square (NYSE:SQ) is trading down tonight after posting what seems to be some pretty good results with better than expected top and bottom line results in the fourth quarter. First quarter guidance on earnings was disappointing, but the revenue outlook was better than expected. Full-year guidance seems fine too. I mean if one has to pick it would be that the first quarter guidance was a touch light, but full-year guidance offsets what for the most part would suggest that the balance of the year will be strong. It may merely be a case of expectations getting too high ahead of the results.
The stock made it to nearly $80 today before the results and the after-hours drop takes the stock back to $74.50. The stock is back to where it was at the end of last week. I think support around $74.50 will hold tomorrow, with a rebound.
I am not sure what tomorrow’s news may be for Tesla Inc (NASDAQ:TSLA)? A new EV? Maybe? Who knows. The stock was up $17.50 today and is now quickly approaching its next downtrend after breaking out today. A rise above $320 sends the stock on to $330.
PayPal Holdings Inc (NASDAQ:PYPL) broke out today to an all-time high, the stock fell a bit after the Square results, but I don’t think it will last. Ultimately the stock may be able to work its way higher towards $101
BlackBerry Ltd (NYSE:BB) failed today again at the resistance of $8.75. Not the greatest of signs for the future direction.
Facebook Inc (NASDAQ:FB) continues to drift lower and has failed now two times at $166.63. Not a good sign either for the stock, which continues to look as if it wants to fill the giant gap.
Tesla And Acadia Pop, While Square Flops
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