The S&P 500 is forming another tight range. Will it break out or break down?
Today’s chart of the E-mini futures considers patterns that could argue either way. We’ll begin with some potentially bearish points.
First is the May 1 high, slightly above the April 18 peak. Prices failed to clear this resistance and quickly fell back into the range. That’s a...
Interest rates have been a major driver of stock prices since early 2022, and today something noteworthy happened with the key 10-year Treasury note.
The first pattern on this yield chart is the 50-day simple moving average (SMA) marked in red. On Wednesday, it slid below the 200-day SMA (in green) for the first time since November 2021. Commonly known as a...
Amazon.com may be showing signs of weakness after another post-earnings drop.
The first pattern on today’s chart is the rising trendline along the lows of March and April. AMZN fell to that support last week after issuing so-so guidance and has remained there since. That could make some traders expect follow-through to the downside.
Next, the e-commerce giant...
Gold futures spent late April in a tight range, but now they’re approaching record levels as fears spread about banks and the debt ceiling.
The first pattern on today’s chart is the February high around 1975. GC’s latest pullback bottomed above that peak, which suggests new support is above old resistance. Does that reflect an uptrend?
Second, Bollinger...
Roku fell sharply in late 2021 and the first half of 2022 as growth stocks collapsed. Now, after a period of consolidation, traders may look for the bearish move to continue.
The first pattern on today’s chart is the 200-day simple moving average (SMA). Prices tested this long-term trend marker over the last three months without breaking through it. ROKU slid...
The Nasdaq-100 hit a nine-month high yesterday, but one prominent name has been left behind: Netflix.
The first pattern on today’s chart is the series of lower highs since early February. (Marked with white arrows.) This demonstrates a lack of relative strength when compared to the broader index.
Second, consider the closing lows of February 10 and April 12....
Semiconductor stocks have slid this month, but some traders may be looking for a bounce.
The first pattern on today’s chart of the Philadelphia Semiconductor index is the 2892 level. It was the close on February 22 that was tested and held twice in March. SOX briefly fell below it yesterday morning but rallied back to close above it. The result was a false...
Oil-field servicer Halliburton has been dropping since late January, and now the bears could be looking for another move lower.
The first pattern on today’s chart is the tight consolidation pattern since energy stocks rallied on April 3. (Following the unexpected OPEC+ production cuts.) HAL was unable to get above $34.80 while attempting to make higher lows. The...
Bitcoin has been trending higher all year, and now the cryptocurrency has pulled back.
The first pattern on today’s chart is the 50-day simple moving average (SMA). BTCUSD touched that SMA on Monday and today while remaining above it -- a potential indication of a bullish intermediate-term trend.
Second, the stochastic oscillator is trying to rebound from an...
Alcoa rallied early last year after the Ukraine war threatened aluminum supplies. It’s struggled since and now some traders may expect further pushes to the downside.
The first pattern on today’s chart is the series of lower highs since August (marked with red arrows). Those may reflect a lack of long-term interest in the name.
Speaking of long-term moves, the...
PayPal has struggled in recent months despite the broader Nasdaq bouncing sharply. Is the payments stock poised for another leg to the downside?
The first pattern on today’s chart is the series of lower highs since August. Interestingly, the peak in early February was below the November high. The Nasdaq-100, on the other hand, made successively higher highs in...
Costco has been a steady performer for years, but now the warehouse retailer may be showing signs of exhaustion.
The first pattern on today’s chart is the falling trendline that began last April and the rising trendline from last May. The convergence of the two has produced a triangle, with prices currently nearing the end of the formation. Does this show buyers...
Silver has rallied sharply since the fourth quarter began, and previous history may suggest the white metal has further upside.
Today, we’re considering a two-part pattern that occurred on the weekly chart in September 2010 (see below) and July 2020.
The first component is the break of a falling trendline. The second part is holding above a previous high before...
Merck surged in late 2022 and consolidated during the first quarter. Now the drug maker could be breaking out.
The first pattern on today’s chart is the rally between mid-October and early January, which included a breakout to new record highs. MRK then pulled back and retraced almost exactly half the move by early February. It bounced a little before making a...
Crocs has been running since last summer. Now after a three-month pause, the footwear stock may be poised for upside continuation.
The first pattern on today’s chart is the bullish price gap after earnings beat estimates on February 16. CROX tried to rally but falling MACD dragged prices lower at the time. The oscillator proceeded to stabilize and turned higher...
The S&P 500 continues to shuffle sideways as a new quarter begins. However, there could be indications of positive forces gaining dominance.
The first pattern on today’s chart is the falling trendline along the highs of August and February. Will traders feel more bullish if prices break this resistance?
Second, while there may not be much resistance above, there...
The 10-year Treasury yield is one of the most important non-stock indicators because it reflects expectations about the direct of interest rates. That, in turn, can impact growth stocks and the Nasdaq-100.
Today’s chart shows the rapid evolution of the rate environment since the banking crisis emerged in the middle of last month.
First consider the December low...
Meta Platforms has been flying as Mark Zuckerberg focuses on profitability and buybacks. So how high can the Nasdaq-100’s No. 2 performer this year go before profit takers step in?
Today’s chart uses 2-day candles to highlight some potentially important levels.
The first price zone is about $5.50 on either side of $242. The top of that area is near a bearish...
