While everyone is focused on the meltdown in technology stocks and bond prices, the U.S. dollar is hitting even more historic levels to the upside.
The U.S. Dollar Index started moving in late 2021 as the Federal Reserve got more hawkish. It accelerated after Russia invaded Ukraine and has continued upward every week since the end of March.
The main pattern on...
Kroger is one of the top-performing non-energy stocks in the S&P 500 in the last year. Now it may look interesting to trend followers.
The main feature on today’s chart is the surge after quarterly results on March 3. KR tried to pull back to the bullish gap in April, only to see buyers defend levels slightly above it. Notice the series of candlesticks this month...
The S&P 500 has tumbled as Jerome Powell abruptly takes away the punch bowl and geopolitical tensions mount. But there could be signs of prices nearing a bottom – at least for now.
The main pattern on today’s chart is the descending channel along the highs of January and March, plus the lows of February and May. Prices closed back at that line on Monday.
Second,...
Megacap technology stocks have been a weak spot in the market all year. But now one of the most important members of the club may have sent a key signal.
Apple made a series of lower lows starting in late January, culminating in a bottom near $150 in mid-March. Then notice that prices formed a hammer candlestick and bounced at $153.27 on Monday, followed by...
International Business Machines has been in a downtrend for almost a decade, but now it could be showing signs of a turn.
The main pattern on today’s chart is the bullish gap following the last quarterly report on April 19. IBM has retraced almost all the jump but remains higher despite a big drop in the broader market at the same time.
The rally established...
Homebuilders are among the worst-performing groups this year as interest rates increase. Now there could be a bearish continuation pattern in the iShares U.S. Home Construction ETF .
ITB sank to a 52-week low around $57 one month ago, followed by a period of consolidation. The lows have inched higher during this time, creating a potential bearish flag.
Second,...
Utilities are one of the few parts of the market to hit new highs recently. Now, after a pullback, some dip buyers may get interested in the sector.
This chart of the SPDR Utility ETF highlights the $71.10 level where prices peaked in February 2020. XLU was stuck below its old highs throughout the pandemic, and only broke out in March 2022. It’s now pulling...
Despite last week’s sharp drop in the market, one group tried to break out: Hotel stocks like Marriott.
The main pattern on today’s chart is the high-volume rally and breakout April 13-20. The move followed comments by airlines like Delta Air Lines , American Airlines and United Airlines about strong post-pandemic demand for travel .
Second, notice how...
Energy stocks have led the market all year, but now there are potential signs of fatigue.
This chart shows the tight ascending pattern in the SPDR Energy ETF along with its 2018 high of $79.42. Prices attempted to move through the level this week but failed to hold. Was it a failed breakout?
Next, consider the candles above $79.42: two dojis followed by a...
Like millions of Americans, Airbnb has been cooped up for a long time. But now the room-sharing stock could be planning a trip north.
The first pattern on today’s chart is the 50-day simple moving average (SMA) climbing toward the 200-day SMA. At its current pace, a “golden cross” could take place within a week. That may suggest that the longer-term trend is...
Safe havens like consumer staples and pharmaceuticals have advanced this year as technology struggles . Defense stocks including Lockheed Martin are following a similar trajectory.
LMT broke out to new highs in late February after Russia invaded Ukraine. Notice the series of higher lows in the past month with prices sitting below the high of $480. That’s a...
Avis Budget rallied in the fourth quarter on a value-driven short squeeze. It’s calmed down since but now may be showing some interesting patterns.
First, consider the bounce off the 200-day simple moving average (SMA) on February 24. That could suggest the longer-term uptrend remains in effect.
Second, notice how prices have stayed in a tight channel since...
Tesla had a sharp rally in late March, but now there could be evidence of sellers taking the wheel.
The first major pattern on today’s chart is the trendline running along the peaks of November 4, January 4 and April 5. Each time prices have approached with a bang, only to reverse lower the next candle. The ovals highlight rejections near the highs, suggesting...
Bitcoin and Ethereum have both formed ascending channels this year. Some cryptocurrency traders have worried these will morph into bearish flags, with sellers potentially pushing the market back toward the nadirs of 2021. However, recent price action suggests something different is happening.
Today’s chart shows that Ethereum is trying to hold the midline of...
Bitcoin is stuck at a potential resistance level, but it may not be the worst thing for cryptocurrencies .
Traders may be wary of the level around $46,500 because it was support in late 2021 and early 2022. It’s also slightly below the 200-day simple moving average (SMA). On the positive side, BTCUSD is trying to hold the February and March highs around $45,500....
The S&P 500 ended March with a big bounce, and some new patterns have emerged for the key index.
First is a falling trendline along the highs of February. Prices briefly paused at this level on March 25 and 28 before breaking out. They returned to test and hold the line on April 1, which could mean old resistance has become new support.
Second, this line is...
Tobacco stock Altria has fought higher all year despite weakness in the broader market. Now it may be forming a potential continuation pattern.
Notice the series of higher lows since February 24, combined with peaks around $53.85. That ascending triangle could suggest the uptrend remains in effect because buyers are active at steadily higher levels.
Next, the...
Financials are the second-worst performing sector in the last week, and today we’re considering a difficult chart for mega lender Bank of America.
The first pattern on the chart is the $43.50 level. It was a peak last June, then a low in December and January. With BAC stalling there recently, is the price zone becoming resistance again?
Next, consider how the...
