S&P 500 Does it Again: Heads Up for the 4th Straight Day

The Daily View for S&P 500

  • At the moment, SPX’s price is up 35.36 (0.8%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as S&P 500 has now gone up 4 of the past 5 days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
  • Divergence between SPX’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in SPX’s price.

Below is a daily price chart of S&P 500.


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Although the Facebook stock is up nearly 33% for the year, some analysts are concerned about the company’s prospects. The stock’s rise declined after the company released its second-quarter results in late July, as investors were concerned about a slight decline in daily active users in the U.S. and Canada, as well as earnings projections.Nevertheless, the company beat analysts’ expectations, reporting year-over-year revenue growth of 56% and earnings per share (EPS) growth of 101%. Both figures exceeded consensus estimates.While there are a few worried analysts, don’t count Credit Suisse’s Stephen Jue among them. After the quarterly report was released, he raised his target price per Facebook share to $500 from $480 and maintained his outperform rating. This is now the highest price target among Wall Street analysts.While most analysts set price targets for 12 to 18 months, there are several indicators from a valuation perspective that suggest Facebook should be worth $500 a share now. First of all, this is when comparing Facebook to smaller peers such as Twitter and Snap, which trade at projected price-to-earnings (P/E) ratios of 70 times and 270 times, respectively. Facebook’s forward P/E ratio is 28.5.Sure, both companies had higher growth rates than Facebook’s 56 percent increase in the top line last quarter — Twitter by 74 percent and Snap by 116 percent — but it would only take a 40 percent increase in value to become a $500 stock, which is equivalent to 40 times projected earnings for Facebook.Comparisons to the broader market also seem favorable when growth is taken into account. According to Standard & Poor’s, Facebook is trading at 27 compared to 31 on the S&P 500, even though the S&P 500 had negative sales growth over the previous year (compared to Facebook’s 56% growth previously noted).Finally, Facebook has another way to make it easier to reach the $500 per share price: shares buyback. Reducing the total number of shares increases earnings per share and raises the price per share, all other things being equal. Earlier this year, the company increased its share buyback by adding $25 billion (now 2.5 percent of total shares) to its existing $8 billion authorization.Of course, the Facebook …