Big tech earnings have mostly passed, and another corner of the market could be quietly breaking out.
Today’s chart focuses on the Industrials Select Sector Index, which includes major sector holdings like Caterpillar, Union Pacific and Boeing.
The key patterns are the peaks from August and December. Both represented record highs at the time. First notice how...
Dicks Sporting Goods has been rallying since November, and now it may be breaking out.
The first pattern on today’s chart is $149.73, the previous daily closing high from March 8, 2023. The retailer stalled around this level in August and December. However, it broke above the price zone in mid-January and made a new low there last week. Has old resistance become...
Electronics manufacturing company Jabil has trended higher for the last three years. Now, after a period of consolidation, some traders may expect further upside.
The first pattern on today’s chart is the trendline along the highs of December and January. Prices moved above this resistance last week and have remained there since. They also held the January 30...
Seagate Technology rallied in late 2023 and consolidated last month. Now some traders may see potential for the data-storage company to continue higher.
First consider some longer-term patterns. STX broke out to a new 52-week high in mid-November and peaked at $79.42 later that month. Prices continued upward in December and in January pulled back to hold the same...
Micron Technology has pulled back after hitting its highest level in almost two years, and some traders may see an opportunity.
The first pattern on today’s chart is the price area around $85, MU’s approximate high in the first half of January. It also represents a 50 percent retracement of the move so far in 2024.
Second, the memory-chip maker is trying to...
Exxon Mobil has bounced in the last two weeks, but how much higher can it go?
The first pattern on today’s chart is the $105.87 level. It was the closing price on November 6. XOM remained below it later that month and been unable to reclaim it since. That may suggest it’s become resistance.
Next, stochastics returned to an overbought condition.
Third, the...
The Russell 2000 small cap index has lagged the broader market so far in 2024, but now it may be showing signs of strength.
The first pattern on today’s chart is the lower low and higher high on Monday versus Friday. That kind of bullish outside candle may suggest that buyers are taking control.
Second, prices pushed above a falling trendline from the December...
Chips have begun 2024 on a strong note, and some traders may look for NXP Semiconductors to participate in the rally.
The first pattern on today’s chart is October’s monthly closing high of $203.46. NXPI paused below the level around November 20. It then climbed, and the same price area went from being a weekly high to a weekly low. A successful retest followed...
Marathon Petroleum has moved sideways since the summer, but some traders may think the refinery stock will start running.
The first pattern on today’s chart is the April 2023 high of $138.83, a new record at the time. MPC rallied above it last summer and has remained there since. That may suggest a longer-term breakout is occurring.
Second, the stock has started...
Private-equity firm Blackstone pulled back in early 2024 after rallying in November and December. Now it could be bouncing.
The first pattern on today’s chart is the price zone around $116 where BX peaked in mid-September and early December. It marked the approximate low last week. Has old resistance has become new support?
The 50-day simple moving average (SMA)...
American Tower ended 2023 by rallying from its lowest level in almost five years. Now, after a pullback, some dip buyers may see opportunity.
The first pattern on today’s chart is the price area between about $200 and 204. It marked the highs for AMT between May and July. The wireless tower company paused there late November before continuing toward $220. If this...
Morgan Stanley has pulled back sharply following a rally November and December. Does the weakness represent an opportunity for dip buyers?
The first pattern on today’s chart is the “golden cross” of the 50-day simple moving average (SMA) above the 200-day SMA. That may reflect an improvement in the longer-term trend.
Second, prices appear to have stabilized near...
Lululemon Athletica ended last year by climbing to new record highs. Now it’s pulled back, and may draw attention from dip buyers.
The first pattern on today’s chart is the December 8 breakout after earnings and revenue beat estimates. LULU has given back most of the gains and revisited the pre-earnings closing high. Will old resistance become new...
Intel has been rallying on hopes of a turnaround, and some chart watchers may see potential for more upside.
The first pattern on today’s chart is the series of lower highs since December 27. The chipmaker has tested the falling trendline over the last week. Could a breakout draw buyers from the sidelines?
Second, INTC's 8-day exponential moving average (EMA)...
Sea was a high-flying growth stock between 2019 and 2021. But it’s been dropping since, and some traders may expect another leg to the downside.
The first pattern on today’s chart is the series of lower monthly highs since May. Those may suggest that a longer-term downtrend is resuming.
Second, prices have slipped back under the 50- and 200-day simple moving...
Financials like Wells Fargo outperformed in late 2023 as bond yields fell. Now, after a pullback, some dip buyers may see a potential opportunity.
The first pattern on today’s chart is the rally after inflation was lower than expected on November 14. WFC broke short-term resistance at $42.37 (its mid-October peak) and extended up to $50.77. It’s now retraced half...
Tesla has been one of the biggest growth stories in recent history. But now it may be going into distribution.
The first pattern on today’s chart is the bearish outside candle on December 28. The reversal pattern marked a lower high compared with mid-October.
It also began a stretch with prices falling in eight of nine sessions.
The decline left TSLA at its...
Some investors liken the current moment to 1995 because of the potential for a “soft landing” after a bout of inflation and interest-rate hikes. Can technical analysts also find things in common?
Today’s S&P 500 charts consider some potential similarities between the start of the late-1990s bull market and the situation in January 2024.
The first pattern is the...
