The S&P 500 has endured its sharpest decline of the year. Is it a healthy pullback, or the start of a new bearish leg down?
This chart considers a few patterns that might help answer that question.
First, the index fell as low as 3943 last Friday. It was below the 50-day simple moving average (SMA), but it quickly snapped back. Some technical analysts may view...
Uber Technologies rallied sharply between late 2022 and early February, but it could be showing signs of exhaustion.
The first pattern on today’s chart is the price action on February 8. UBER jumped on strong quarterly results but failed to hold early highs. It then swung wildly, creating a potential “hanging man” candlestick. That’s a potential reversal...
Diabetes company DexCom has consolidated for about four months, and now it could be trying to move again.
The first pattern on today’s chart is the bullish candle on February 10 after earnings beat estimates. It followed a similar rally on October 28, suggesting that investors are pleased with its fundamental performance.
The earnings surge established DXCM...
Marathon Oil has staggered along with other energy stocks in recent months, and now traders may see risk of a selloff.
The first pattern on today’s chart is the series of lower highs since mid-November while prices bounced at or near $26. A potentially bearish descending-triangle pattern has been the result.
Second, consider how that triangle began soon after...
Adobe has been climbing after a sharp slide last year, but now traders may start to worry about another move to the downside.
The first pattern on today’s chart is the peak on February 2, one day after Jerome Powell’s “disinflation” comment lifted spirits. ADBE pushed above its September high of $396.39 but didn’t hold. That kind of false breakout could suggest...
Block was a prominent growth stock before and during the pandemic. Like most companies of that type, it fell sharply between late-2021 and late-2022 as interest rates rose. But now it may be showing signs of bottoming and potentially turning higher.
The first pattern on today’s chart is last November’s high of $75.77. SQ broke above that level in late January and...
Apple jumped after its last quarterly report and barely pulled back. Now the price action may have turned into a bullish continuation pattern.
Notice the higher lows on February 3 and 10. The tech giant remained trapped beneath roughly $154.50 throughout this period. The result is an ascending triangle that prices are now trying to break. Is it possible that the...
Treasury yields have been falling since October as traders look for inflation to cool. But now there could be signs of a rebound.
This chart of the 10-year Treasury note’s yield highlights the series of lower highs in November and December. TNX kept squeezing downward in January, but this month jumped back above the trendline. Is the period of consolidation...
Like many technology stocks, Advanced Micro Devices has rebounded sharply in 2023, but is it due for a pullback? This chart considers a few indicators and patterns to address that question.
First, prices shot through the top of the Keltner Channel in early February but are now back inside the bands. Based on other moments, like early August, mid-October and late...
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...
