Amazon.com tried to rally a week ago. It proceeded to fall on weak quarterly results, leaving some potentially difficult patterns on the daily chart.
First, the single candlestick on February 2 was isolated above the other recent prices. That is sometimes known as a bearish “abandoned baby” -- essentially a failed breakout.
The location of the candlestick is...
Procter & Gamble has struggled with weak product volumes recently, and now the stock could be showing signs of beginning a downtrend.
PG ended 2022 and began 2023 in a tight range between roughly $150 and $155. It broke lower on January 18 as earnings approached, followed by another drop after the results were made public.
The consumer giant stock then held its...
Oil and gas producers like Occidental Petroleum began 2022 with a bang, but this year has been just the opposite. (TradeStation data shows energy is the only major sector to fall in the last three months as crude languishes.)
The first pattern on today’s chart of OXY is the 50-day simple moving average (SMA) slipping beneath the 200-day SMA on Friday. That “death...
The Nasdaq-100 has been running as investors flock back to growth stocks. But is it time for a pause?
The index has gained each of the five weeks so far this year -- its longest winning streak since November 2021.
Speaking of November 2021, the Relative Strength Index (RSI) ended yesterday at its highest level (73.53) since that same month shortly before the...
Financials have quietly outperformed since the summer. Are they now getting ready for a breakout?
The first pattern on today’s chart of the Financial Select Sector SPDR Fund is the series of higher lows since early November. That could suggest buyers are willing to pay incrementally higher prices.
XLF has pushed against a slightly rising trendline that runs...
Crude oil futures slid sharply in the second half of 2022. Now after a feeble bounce, is there more downside risk?
The first pattern on today’s chart is the price area near 81.30. It was a weekly low in mid-October where prices struggled in early December, early January and again in recent sessions. That could make some traders think old support has become new...
Tesla’s been zooming higher this year, rebounding from its worst month ever in December. But how far can the bounce go?
Today’s weekly chart uses a couple of methods to address that question.
First is simple retracement. Starting from the last green candle in mid-September through the early-January low, TSLA fell $201.54. Reclaiming half the drop would place the...
Yum Brands had a strong rally in late 2022. Now after a pause, the restaurant company may interest pullback buyers.
The first pattern on today’s chart is $125.70, a daily closing high from last April. YUM hesitated below that level in November and then began the New Year by testing it. Prices are now holding the same zone again, which could suggest old resistance...
The S&P 500 has frustrated traders for months as a tightening range punishes both bulls and bears.
Picking levels in a market like this can be a huge challenge because prices keep revisiting the same spots as they narrow. It’s a bit like trench warfare, with armies battling futilely for weeks over a few yards of territory.
But one basic technique has provided...
First Solar has been climbing since last summer, and some trend followers might have noticed its recent pullback.
The main pattern on today’s chart is the price zone around $162. It was initially relevant as a high in early November. Prices bounced there a few weeks later and knifed below it the following month. The stock rebounded in early 2023 and rallied to...
The U.S. dollar has been in freefall since early November. But now there could signs of stabilization – at least in the near term.
The first pattern on today’s chart of the U.S. dollar index is the 101.95 level. It was a weekly closing high from March 2020 before the Federal Reserve’s dovish policies pushed the greenback lower amid the pandemic. Notice how DXY...
Energy stocks have been holding their gains of the last two years following a pullback in early December. Now one of the biggest names could have signs of resuming its uptrend: Chevron
The first pattern on today’s chart is the series of higher lows since December 16. CVX probed the December 27 close near $177.50 several times during this period. The result has...
Most people know that technology stocks ended 2022 on a weak note. But they may not realize one group started to outperform: chipmakers.
The first pattern on today’s chart of the Philadelphia Semiconductor Index is the falling trendline along the highs of last year. The S&P 500 is currently sitting at similar resistance, but SOX has been above its respective...
Few sectors are more sensitive to interest rates (and therefore inflation) than housing. With the major consumer price index due on Thursday, it’s a good time to consider industry heavyweight Home Depot.
First, the home-improvement chain rallied after the last two CPI reports were lower than feared. Will it react similarly to another positive number?
Next, you...
Industrial stocks have outperformed in recent months as investors shift toward cyclicals. Today’s chart focuses on Caterpillar, a potential beneficiary of infrastructure spending in the U.S. and a recovery in China.
The first patterns are the pair of highs from the last two years. CAT challenged $237.90 (the peak from April 2022) several times in November before...
Despite all the talk about a recession in 2023, many cyclical industrial companies have gained traction lately -- including United Rentals.
The first item on today’s chart is the $365 area where URI peaked in late March. Prices pushed against that level several times since mid-November while making higher lows. The result has been an ascending triangle. The stock...
It’s common to hear strategists predicting the S&P 500 will retest its October lows. Today’s charts consider the big index to ask whether its technicals support such a deep pullback.
First, the daily chart may have a basing pattern around 3,800. Also notice some potentially relevant candlesticks, starting with a hammer on December 22. The New Year began with an...
Treasury yields have been a major driver of sentiment since early 2022. The 10-year Treasury yield jumped above 1.75 percent at the beginning of the bear market last January. But now it may be showing signs of a top.
The first pattern on today’s chart is the falling trendline along the highs of October, November and December. Notice how TNX began the New Year...
