Louis Navellier is rating this stock an “A” – Get In Now!

On May 24, the man who found “the stock of the century” will reveal one of his top stocks for 2022 – for FREE – in a special presentation.

Tue, May 24 at 4:00PM ET

4 Top Stock Trades for Monday: GOOGL, SPY, GLD, OPEN

top stock trades - 4 Top Stock Trades for Monday: GOOGL, SPY, GLD, OPEN

After a strong rally on Thursday, stocks opened higher on Friday despite a worse-than-expected jobs report. After fading a bit lower on the day, let’s look at a few top stock trades for next week.

Top Stock Trades for Monday No. 1: Alphabet (GOOG, GOOGL)

Top stock trades for GOOGL
Click to Enlarge
Source: Chart courtesy of TrendSpider

Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) has been the best-performing FAANG stock so far this year, but the stock has been enduring a correction quite similar to the overall market.

Rebounding hard off Monday’s low, bulls are getting to an important junction.

GOOGL stock is back above the 21-day and 50-day moving averages, but it’s struggling with the $2,800 area and downtrend resistance (blue line).

On the downside, let’s see if Google fills that small gap near $2,755 and can hold the 10-day moving average. Below that, and the $2,675 to $2,700 area could be in play.

However, over $2,810, and $2,900 could be play. Above that and the high at $2,915 is on the table.

Top Stock Trades for Monday No. 2: S&P 500 ETF (SPY)

Top stock trades for SPY
Click to Enlarge
Source: Chart courtesy of TrendSpider

Over five–straight sessions, the S&P 500 chopped around the September low at $428.86 but couldn’t break below it. The 10-day moving average was resistance, but the index reclaimed that measure on Thursday, as evident on the chart of the SPDR S&P 500 ETF (NYSEARCA:SPY).

Like Google, the SPY could fill the gap at $435.12. If it holds this level and the 10-day moving average, we could see the bulls maintain control.

However, the real troubling spot is the 50-day moving average. This measure has been support all year long before failing last month. A close back over $444 opens the door to a possible run back toward the highs.

On the downside, though, a move below $433 could put the September low back in play.

Top Stock Trades for Monday No. 3: Gold (GLD)

Top stock trades for GLD
Click to Enlarge
Source: Chart courtesy of TrendSpider

Here is a weekly chart of the SPDR Gold Trust ETF (NYSEARCA:GLD). I really struggled between using a weekly or a daily chart. The daily chart showed Friday’s great move higher, but painful fade during the day.

However, the weekly chart highlights the key trends and levels. Like the solid support sitting down at $157.50, stout resistance at $171.30 and its series of lower highs.

Friday’s rejection came right at the 10-week moving average. A move over the 10-week puts the 21-week and 50-week moving averages in play. Above that puts that key resistance area of $171.30 on the table. Over $171 could put $180 on the table.

Meanwhile, below $161.25 puts $157.50 on the table. This would not be a good level for the bulls to give up.

Top Trades for Monday No. 4: Opendoor Technologies (OPEN)

Top stock trades for OPEN
Click to Enlarge
Source: Chart courtesy of TrendSpider

Opendoor Technologies (NASDAQ:OPEN) has suffered a real wash out, falling from a high of almost $40 to a low of $13.44. However, the stock bottomed right where it needed to.

It took a while to get going, but support continued to hold and the stock now finds itself riding a nice trend higher. In late September and early October, Opendoor was rejected by the 200-day moving average.

Shares are not only bursting through that measure now, but they’re also giving us a monthly-up rotation over $21.

On the upside, I’d love to see a push up to the $25 level and the 50% retracement at $26.34. With OPEN stock above the $21 level and the 200-day moving average, aggressive bulls can stay long against those measures.

On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.

Article printed from InvestorPlace Media, https://investorplace.com/2021/10/4-top-stock-trades-for-monday-googl-spy-gld-open/.

©2022 InvestorPlace Media, LLC