AlphaPicks on Wall Street - Jan 16th
As your personal investment analyst, we want to deliver value to you. After a successful first week of ideas, here are ten fresh trade ideas to prepare you for this weeks market.
The equity market showed us last week that bulls are in control. For now. There are some major resistances just above. The upper trend line on the S&P 500 SPY 0.00%↑ has held five times now. A similar resistance can be seen on Nasdaq NDAQ 0.00%↑ , which is also still trading below the 200-day moving average. So, across the board, we do not have any particular bias for equities as a whole.
However, there are a few stand out sectors and their respective stocks that do look like they have some good upside potential here, regardless of the overall market trend this week.
First up, we are diving into the gold move. Gold GOLD 0.00%↑ has been one of the best performers this year, up over 5%. The price had a great close to the week, above some strong resistances such as the 0.618 retracement and $1,900 level. We think this momentum continues.
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