The S&P 500 remains quiet, hovering near its all-time highs as big-name earnings reports are showing a shockingly low amount of volatility. Let’s look at some movers and get a look at some top stock trades as we go into next week.
Top Stock Trades for Tomorrow #1: Amazon
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Shares of Amazon (NASDAQ:AMZN) have been on fire and its earnings report isn’t going to slow it down. The company beat on earnings and was slow out of the gate Friday morning, likely thanks to guidance, but shares are now up about 2.5%.
We flagged the breakout over $1,700 in mid-March, almost $250 below current prices. Shares consolidated those gains and continued to push higher. Now at $1,946 with all of its trends pointing higher, the 50-day crossing up through the 200-day and earnings out of the way, it’s hard to imagine AMZN not running to $2,000.
If it does, it puts new all-time highs on watch as well. On a pullback, watch the $1,900 consolidation level and the 20-day moving average. Below and AMZN may need to further digest before another move higher.
Top Stock Trades for Tomorrow #2: Ford
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Like Amazon, Ford (NYSE:F) has been on fire. Never thought I’d say that.
After six straight weeks of gains, Ford’s stock is erupting 10% on Friday after better-than-expected earnings results. That will make it seven straight weeks of gains for the Michigan automaker.
Earlier this week, we highlighted the vital $9.50 level as a big breakout point. Now at $10.40 and F is over all sorts of downtrend lines and even the 200-week moving average.
So what now? $11 is a reasonable upside target should Ford continue to bulldoze its way higher. But as long as it stays above $10, it looks good on the long side. Preferably it will hold above the 200-week moving average currently at $10.20, but just two dimes above that spot now and that may be too much to ask for.
While I would hate to see Ford give up all of its gains, as long as its above $9.50, it looks okay on the long side. Investors may do best to hope for an eventual pullback to that area down the road.
Top Stock Trades for Tomorrow #3: Nvidia
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$190 proved to be too much resistance for Nvidia (NASDAQ:NVDA) after its big rally from sub-$130 in January. Intel’s (NASDAQ:INTC) earnings results aren’t helping matters. INTC is down about 10%, dragging Nvidia to the tune of 5%.
The stock also notched a lower high recently and gapped below the 20-week moving average on Friday. For now, the 50-day moving average is providing support. Aggressive bulls could go long NVDA off that test, with a stop-loss just below Friday’s lows.
Otherwise, look to see how it trades next week. A rally through Friday’s high gets NVDA to the 20-day moving average and possibly higher. A drop below Friday’s lows puts $160 in play.
Top Stock Trades for Tomorrow #4: Chevron
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Chevron (NYSE:CVX) reported earnings on Friday morning, while the company simultaneously tries to outbid Occidental Petroleum (NYSE:OXY) for Anadarko Petroleum (NYSE:APC).
Resistance is pretty clear at $127, while CVX knifes through prior downtrend resistance and the 50-week moving average. While the 100-week moving average could provide support, I remain tempted in the $106 to $108 area.
There are a few levels to watch below that, but let’s see if CVX even gets down that far in the first place. Recapturing $118 to $120 on the upside could send Chevron back to $127.
Top Stock Trades for Tomorrow #5: GrubHub
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What started off as a huge rally for GrubHub (NYSE:GRUB) has morphed into a disappointing loss, with shares falling 3% on Friday after the company reported earnings.
The stock opened just above $74, putting it right at a key level and over the 50-day. However, shares quickly faltered, pared those gains and is now sitting below the 20-day moving average and right on downtrend resistance.
Short of a bounce on Monday or possibly Tuesday, this one could make new lows. At the very least, it needs to recapture the 20-day. Below $67.50 is dangerous.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long NVDA and AMZN.
