Back to top

Image: Bigstock

S&P Set to Open Above 3000

Read MoreHide Full Article

Futures are pointing to a big spike off the open, with the S&P trading over the 3000 level, or about 2%. If the gains hold, we would open above the 200-day moving average, a psychological win for the bulls. This would mark the first time since early March that the S&P has traded above this important technical level.

The bulls should have enough power to squeeze those traders that bet against the recent rally, but there will likely be extra supply to churn through first. Expect a fight at this S&P 3000 level.

S&P Futures Trading Levels

The S&P futures currently sit at 3007. Support levels for the day will be 3001 and 2976

The upside should see some resistance at 3018, but 3060 is possible over the next few days.

The current environment trending higher.

Three Stocks to Watch

NVAX- The company has initiated it Phase 1/2 Clinical trial of its COVID-19 Vaccine. Results will be expected in early July, which has the stock gapping 20% higher premarket.

AZO- The company reported earnings this morning, seeing a beat on both the top and bottom line. The beat is the tenth in a row and has the stock trading 1.7% higher on low pre-market volume.

MRK – Merck and IAVI will collaborate to develop a vaccine for COVID-19. The stock was up 4.5% in pre-market trade.

Zacks’ Single Best Pick to Double

From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.

This young company’s gigantic growth was hidden by low-volume trading, then cut short by the coronavirus. But its digital products stand out in a region where the internet economy has tripled since 2015 and looks to triple again by 2025.

Its stock price is already starting to resume its upward arc. The sky’s the limit! And the earlier you get in, the greater your potential gain.

Click Here, See It Free >>

 

 


In-Depth Zacks Research for the Tickers Above


Normally $25 each - click below to receive one report FREE:


Novavax, Inc. (NVAX) - free report >>

Merck Co., Inc. (MRK) - free report >>

AutoZone, Inc. (AZO) - free report >>