As the market continues to push higher, earnings are on the front page of the news. Now, let’s look at a few top stock trades for Thursday, as we continue to mosh through some important reports.
Top Stock Trades for Tomorrow No. 1: Microsoft (MSFT)
In August, Microsoft (NASDAQ:MSFT) shares ran into resistance near $306 and struggled with that mark again in September.
Shares pushed through this level last week and have been trending higher since. The big risk was earnings. However, MSFT stock is trading to new all-time highs after its report.
In fact, it’s trading up through the 161.8% extension as well. From here, bulls want to see that the 10-day moving average and $306 area act as support. Below these marks could open the door down to the 50-day moving average.
On the upside, however, the 261.8% extension is our longer term target, although there will be some buy-the-dip opportunities along the way should MSFT stock get there.
Top Stock Trades for Tomorrow No. 2: Alphabet (GOOG, GOOGL)
We usually talk about “ABC” corrections, but they work in both directions. In this case, we have an “ABC” rally underway.
The stock burst over $2,900 resistance with today’s rally. It sent GOOGL stock right to the 161.8% extension from the “B” leg to the “A” leg, up near $2,975. If shares can push through that, it puts the $3,100 to $3,140 area in play, where several extensions come into play.
Since the 10-day is so far away at the moment, I want to see the $2,900 area act as support should Alphabet pull back that far. Otherwise, let’s allow for the other shorter-term moving averages to catch up.
Top Stock Trades for Tomorrow No. 3: Marqeta (MQ)
Marqeta (NASDAQ:MQ) keeps popping up on my scans, especially after yesterday’s push to new all-time highs.
The stock topped out near $38 today and has pulled back sharply since. Above is a four-hour chart, by the way. If the correction continues, I would love to see MQ stock find some support between $29 and $31. Ideally, that $30 area will buoy the stock.
If $32.50 ends up acting as support, look for another charge back to the highs.
Top Trades for Tomorrow No. 4: Ford (F)
Shares of Ford (NYSE:F) have been trading pretty well, but are now down in four-straight sessions with earnings due up after the close.
If the correction continues, let’s see how the $15 area and the 21-day moving average hold as support. Below that, and the $14.75 to $14.80 area will be of interest.
On the upside, bulls mostly need to see a move up through $16.45. Above that level puts new highs in play, followed by a potential rally to the $17.50 to $17.75 zone.
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.