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...
Oracle has performed better than most technology and software companies, and now it may be attempting a breakout.
The first pattern on today’s chart is the triangle that took shape in December. Prices ended 2022 slightly above the top, and buyers jumped in yesterday.
Second is the $84.50 level. It was resistance in June 2021, support three months later and then...
Netflix has been trying to recover from a bearish gap on April 20, but now the bounce may have run its course.
The first pattern on today’s chart is the March low of $329.82. NFLX peaked near the same level in mid-December. Has old support become new resistance?
Next is the sharp drop on December 15 after Digiday reported weak advertising metrics. That dragged...
Today we’re considering the weekly chart of gold, which could be trying to shine as 2022 draws to a close.
The main pattern is the $1,800 level, which emerged as resistance in November 2011 as the yellow metal ended its last major bull market. XAUUSD remained below the level for almost an entire decade, then surged back to break it as the coronavirus pandemic...
Exxon Mobil is the fourth-biggest gainer in the S&P 500 this year, according to TradeStation data. Its recent pullback may interest trend followers.
The first pattern on today’s chart is the consolidation over the last two weeks. Notice how XOM made a higher low last week and has now pushed through a falling trend line.
Next is the level around $104.76. The...
Meta Platforms has been under heavy selling pressure all year. Now some traders may look for the social-media giant to retest its lows.
The first pattern on today’s chart is the 50-day simple moving average (SMA). META has remained mostly below this line since 2022 began. That could make trend followers expect prices to continue lower after its most recent test...
Royal Caribbean Cruises drifted higher since the summer, but now it may be rolling over.
The first pattern on today’s chart is the level around $61.45, where the leisure stock bottomed in March before proceeding to new lows. RCL peaked around that price on November 15 and December 1. (Both were also monthly highs.) That may suggest old support has become new...
General Motors has moved sideways for months, and now traders may look for the automaker to test support.
The key pattern on today’s chart is the channel between roughly $31 and $42. GM hit the top of the channel in September and tested the low in mid-October. Prices peaked near that resistance again last month, but remain about $5 above the bottom. That may...
Market sentiment remains historically bearish, with many strategists expecting new lows in the New Year. But recent price action might not be working in their favor.
The main feature on today’s chart is the falling trendline along the highs of January, March and August. SPX tried and failed to break that resistance two weeks ago. Yesterday it was right back at...
One of the most overlooked trends recently could be the rally in Goldman Sachs.
Today we’re considering some potentially important technicals after the investment bank surged 35 percent between mid-October and mid-November.
The first question is, how much of a pullback to expect? This chart draws a Fibonacci retracement from $299.99, the weekly close...
Megacap technology stocks like Apple have dragged on the market amid disruptions in China. But what if the iPhone giant manages to bounce? Could it give the bigger indexes a boost?
The main pattern on today’s chart is the $140 level. This price first had importance on November 8, when AAPL first tried to rebound from its China-related weakness. It was resistance...
