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Traders Eye S&P 3100

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The sentiment in the market is a polar opposite of what many people are seeing in their neighborhoods and on their TVs. While protesting rioting and looting continues, the market grinds higher, hitting levels not seen since February.

S&P futures are trading higher by 0.40%, as all eyes will be on 3100 today. The bulls keep pushing and the path of least resistance is higher.

While the S&P drifts upwards, tech stocks continue to rip. Since the March panic, the Nasdaq has been the leader, which has helped pull the rest of the market higher. The Nasdaq 100 futures contract is now less than 1% from all-time highs.

S&P Futures Trading Levels

The S&P futures currently sit at 3088. Support levels for the day will be 3064 and 3049

Upside resistance is 3095 and 3108 resistance at 3018, but 3060 is possible over the next few days.

The current environment trending higher.

Three Stocks to Watch

ZM- Big beat and guide higher from the popular video chat company.The stock was trading lower last night, but is up 2% premarket.The $220 level found sellers in after hours trading last night and could see resistance again today.

CRWD- Beat and raise is helping the stock 8% higher premarket. Now over the $100 level, the stock continues its breakout and is up over 200% from 2020 lows.

TSLA – The stock has broken higher this week and took out the $900 level. Selling came in at that level, but with Tesla so close of all-time highs at $968.99, the $1000 level looks very achievable.

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.

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Zoom Video Communications, Inc. (ZM) - free report >>

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