Biotech Breaking Out and $OPEN Squeeze

$REGN $MRNA $OPEN $SNAP $GOOGL

Hello everyone,

SPX kept grinding higher today and closed again above both the 10-day and 20-day moving averages. We also cleared today’s key resistance at 6,841. The market should continue grinding higher slowly — several mega-caps are setting up nicely, with GOOGL, AAPL, showing strong charts, and TSLA accumulating in a tight range for some time now.

SPX Levels

Resistance: 6,868 / 6, 884

Support: 6,808 / 6,741

We still have the US government shutdown but active talks to reopen, plus CPI on Thursday (11/13), PPI on Friday (11/14), and NVDA earnings next week on 11/19.

Momentum should carry us through next week, then volumes typically slow around Thanksgiving, with room for more upside into mid-December.

Energy is performing well — we flagged $VLO and $EQT this week. And don’t sleep on the XBI breakout, driven by strong names like $AMGN, which we called on Thursday with other names such as LLY, GOOGL, JPM, etc. and the stock delivered a textbook breakout (see below).

Trade Ideas for This Week