Gold surged earlier in the year as inflation raged and geopolitical worries grew. However bearish things seem to be happening since then.
The first pattern on today’s chart is the March 8 high at $2,070. It was slightly below the August 2020 high of $2,075.28, resulting in a double-top pattern. The long period of time between the two peaks could mean that...
Energy remains the top performing sector this year , and today we’re looking at integrated major Chevron.
Notice the series of higher lows since late April. Combined with the March 10 high of $174.76, they form an ascending triangle. It’s a potential continuation pattern that may open the door to higher levels following CVX’s breakout to new record territory in...
The S&P 500 is mired in one of its longest negative streaks ever, but now there could be signs of a turn.
The first pattern on today’s chart is the potential hammer candlestick on Friday, May 20. It was a brief probe not only to new 52-week lows, but also the official “bear market” line. Prices refused to stay down, resulting in a potential reversal...
Natural gas tanker stock Cheniere Energy has steadily trended higher for more than a year, but it’s effectively gone nowhere for three months. Now it may be getting ready to move again.
The first pattern on today’s chart is the descending trendline that started earlier this month. Next, consider how prices are trying to hold the same $127.75 area where they...
Last week had a couple of days that will live in infamy for retailers like Walmart , Target and Ross Stores. But not Foot Locker.
The shoe retailer managed to beat earnings forecasts despite revenue missing. That suggests margins were strong and management handled inflationary pressures better than larger peers.
Prices briefly jumped above $32.50 after...
Transportation stocks have been unusually strong this year, but that might have changed yesterday.
The main feature on this chart of the Dow Jones Transportation Average is the September low at 13,947. Prices managed to remain above this level throughout the market’s correction as other indexes like the S&P 500 and Nadaq-100 knifed below the same respective...
Tesla has consolidated since hitting a record high above $1,200 in November, and now it may be setting up for another bounce.
The main pattern on today’s chart is the descending channel running along the highs of late 2021, January and April. This became formidable resistance on April 11, as noted at the time .
We’ve drawn support at the closing prices (not the...
Crude oil has been one of the strongest assets in 2022 as economies reopen and war drives up energy prices.
This chart of the U.S. Oil Fund highlights the series of higher lows since mid-March. Prices have remained trapped below roughly $82 during this period, but closed above the level on Monday. Will that potential breakout draw buyers from the...
Chemical maker Huntsman might not be the kind of stock traders often watch, but it has some potentially interesting chart patterns.
First is the level around $33.50, near the highs in November. Prices have been holding it in recent weeks as the broader market tumbled. Is old resistance becoming new support?
Second the current range is turning into a triangle....
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...
