Flash Alert! Massive Technical Breakout For This Key Sector
RoboStreet – January 7, 2021
Market Volatility Looks To Be Dead Ahead
Only one week into 2021 and already a blue sweep of the White House and Capitol Hill has been realized that likely means higher corporate and individual income taxes, more stringent regulatory oversight, and massive deficit spending. The market’s reaction was pretty counter-intuitive, investors don’t seem to care, and stocks rallied.
Nobody cares, at least not yet
There are also two more strains of the Coronavirus found in Europe and South Africa that are compounding what is a slow rollout of the vaccines both in the U.S. and abroad, with many projections now pushing out widespread inoculation by many more months than what was previously forecast. Again, nobody cares, at least not yet.
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This new atmosphere presents a potential landscape of operating in a sphere of unknown quantities for the pace of the economic rebound and what progressive policies and big-spending will come from Washington. Rest assured there will be plenty of both, and the way higher in the post-election move for the stock market was a surprise. Even as my bias was to see the market undergo some consolidation, the extension of the rally this week has to be respected.
Technology stocks sold off
The SPY has traded in a wide range and closed higher as runoff elections won by the Democratic Party. Metals, Materials, Industrials, Healthcare, Energy, Small Cap and Banks (reflation and additional stimulus) made an impressive rally. Technology stocks sold off as more regulations and additional corporate taxes expected in the future.
The SPY main support remains at the $364 level. The U.S. Dollar and the Treasuries continued to trade in the downtrend. As long as the SPY is trading above the $364 level, the SPY will continue to make incremental gains and can reach the $375-$380 level first half of January.
This week is being highlighted by the 10-yr Treasury yield breaching the psychological 1.0% level for the first time since March of last year. The pop in yields sent the bank sector higher as spreads on net interest income widen thereby boosting profit margins from borrowing at Fed Funds and lending at rising rates. It’s huge for the bank’s forward outlook and presents a bullish scenario for bank stocks in general.
Our RoboInvestor advisory service is long shares of JPMorgan
Against this promising backdrop, our RoboInvestor advisory service is long shares of JPMorgan Chase & Co. (JPM) that is the unabashed leader in the banking space. As America’s largest bank is arguably the world’s most powerful financial institution outside of a central bank, JPM is the institutional go-to bank stock of choice when big money backs up the truck to own the sector.
Our proprietary artificial intelligence platform give the stock a near-term buy signal
Not only do the traditional charts show improving technical for JPM, more importantly, our proprietary artificial intelligence platform is giving the stock a near-term buy signal that we use at RoboInvestor to guide our buy and sell points with each recommended trade. Below is a layout of our Stock Forecast Toolbox, one of our prominent AI tools that gives us 10-day to 6-month probability data for the direction of a stock or ETF.
JPM $140.49 for the next 10 days
As we apply JPM to the AI model, we get a Model Grade “B” rating with a Predicted Resistance high price point of $140.49 for the next 10 days. Not bad, when considering the stock is trading just under $132. Looking at the fullness of the tables below, one can see the preciseness of how our AI data lays out the path higher in the days ahead for what should be a steady rise in JPM shares.
One of the two dominant regional banks in the U.S. is PNC Financial Services Group Inc
When a sector is in the very early stages of a major breakout, we want to press our position and add one or two more stocks in the sector that have leadership qualities. In this case, one of the two dominant regional banks in the U.S. is PNC Financial Services Group Inc. (PNC) that allows commands a premium to its peers.
Here too, when we apply our AI-driven Stock Forecast Toolbox to shares of PNC, we get a Model Grade “A” rating that is a green light for owning the stock in the near and intermediate time horizon. Once again, our system identifies just how the stock should trek higher in the next two weeks, from $156 to $174, implying a move up of 11.5%.
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‘If you’re looking for free trading resources… click here’
“I’m investing my own money in each and every stock as my AI platform identifies.”
And remember we’re not talking about day-trading here.
Click Here – To See Where I Put My RoboInvestor Money
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