Market review from UTEX – week 12

Last week, the S&P 500 closed almost unchanged, while the Nasdaq lost 1%. Perhaps conditions for a correction are brewing, as the market as a whole has stopped growing over the past month. Patterns for short positions may emerge.

Bitcoin gained support at $65,000 and is now trading just above $68,000.

On Wednesday, expect the Rate Decision and subsequent comments from Fed members. No rate cuts are planned at this meeting.

This week's top 5 stocks 

Micron Technology (MU). Report on 20 March after the close. The chipmaker continues to be in an upward trend, though it has pulled back from $100 to $90. The sector is hot, not a bad investment for the mid-term.

PDD Holdings (PDD). Report on 20 March before the open. Chinese marketplace and online discounter, one of the largest in the world. The stock had been rising steadily from early 2022 to the last report, but has slipped 15% in the quarter. Support around $110, anything above is a long.

General Mills (GIS). Report on 20 March before the open. The food manufacturer has been trading in a $61–$68 range for six months and can't get out of it. It may make sense to buy at or above $70.

Nike (NKE). Report on 21 March after the close. The stock was in a steady downtrend until October 2023, then reversed on the report and rallied to $120 from $90. After the December report, NKE has pulled back to $100. The nearest support is $95 per share.

XPeng (XPEV). Report on 19 March before the open. Shares of the Chinese smart electric car maker are in no way breaking out of their downtrend. But one successful report could change all that. Support at $8. 

Good trades, everyone!