All major indexes dipped over 2% today as fears of another pandemic wave rise. The number of new daily cases surged past 36,000 yesterday, the highest level in 2 months.
Despite the spike in cases, the death rate remains low (this may change with time if these cases turn serious). Some are speculating that as this virus mutates, it is becoming progressively less deadly. The uptick in cases may be due to the lack of initial outbreaks in the hot regions right now.
This rise in new COVID cases (especially in rural Trump-supporting areas) could expedite another fiscal stimulus bill.
S&P 500 support levels to watch out are the 200-day moving average at 3,020 and a Fibonacci level at 2,935. Upside target for the S&P 500 is currently sitting at 3,400 (February highs) which we could hit if everything goes right. These levels are indicated in my TradingView chart below.
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Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
All major indexes dipped over 2% today as fears of another pandemic wave rise. The number of new daily cases surged past 36,000 yesterday, the highest level in 2 months.
Despite the spike in cases, the death rate remains low (this may change with time if these cases turn serious). Some are speculating that as this virus mutates, it is becoming progressively less deadly. The uptick in cases may be due to the lack of initial outbreaks in the hot regions right now.
This rise in new COVID cases (especially in rural Trump-supporting areas) could expedite another fiscal stimulus bill.
S&P 500 support levels to watch out are the 200-day moving average at 3,020 and a Fibonacci level at 2,935. Upside target for the S&P 500 is currently sitting at 3,400 (February highs) which we could hit if everything goes right. These levels are indicated in my TradingView chart below.
(SPY - Free Report) (QQQ - Free Report)
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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