The S&P 500 keeps hitting new highs, but the Russell 2000 small cap index hasn’t been so fortunate.
RUT has gone almost four months without a new record level. In contrast, the Dow Jones Industrial Average and Transports haven’t hit a new high in over two months. The S&P 500 and Nasdaq-100 hit new highs this week.
A few bearish patterns stand out on the small...
Campbell Soup has struggled for years. Now it may be at risk of breaking a key support line.
Notice the $45 level on this chart. CPB clung to this price zone in late 2017 before moving lower in 2018 and 2019. It rebounded as the pandemic drove demand for packaged foods, but even then remained well below the previous highs from mid-2016.
Next, notice how the...
A lot of recent IPOs have struggled, but strong price action has stood out in one particular firm: Global-e Online.
GLBE went public for $25 on May 11. That doesn’t provide much price history to analyze, but some patterns stand out.
First, the stock ripped to new highs in late June, then pulled back to hold its rising 21-day exponential moving average...
Several chip stocks are squeezing into tight ranges with breakout potential.
Notice how Broadcom briefly knifed under its 50-day simple moving average (SMA) on July 2. (It followed an antitrust complaint.) The bears quickly surrendered, and a week later AVGO had its highest close since mid-April. So you have a false breakdown and a strong bounce outside of the...
This week was cut short by Independence Day. That makes it a good time to view Micron Technology, which seems to have the spirit of 76.
The memory-chip maker had a false breakdown below that level on January 27. It quickly rebounded and returned to test $76 three times since mid-May. Interestingly, the current bounce is happening near the rising 200-day simple...
Cryptocurrencies are down today, but Ethereum is refusing to say die.
This 4-hour chart highlights how the No. 2 crypto is holding the 2130-2150 range. This area was important April 10-12, when it served as resistance before a breakout. (Expand chart to see.) Prices returned to test the zone around April 24, followed by a run to new highs.
Second, consider the...
Facebook has been steadily climbing since March, and now it’s pulled back.
Notice the rising trendline along the lows in mid-May and mid-June. FB touched and held that line today.
Prices are also holding their 21-day exponential moving average (EMA), which provided support last month.
Third, the hourly chart shows how FB returned to the $344 area where it...
Salesforce.com, like Amazon.com yesterday, has gone nowhere since spiking to new highs last summer. However now it’s showing signs of a breakout.
This chart includes the same custom Distance from MA script, showing that CRM traded 59 percent above its 200-day simple moving average (SMA) early last September. That last time it was that extended was 2006. However...
Amazon.com has consolidated since last August. Now it may be ready for a breakout, especially with the Nasdaq leading again.
Friday’s close of $3,510.98 was AMZN’s second-highest close ever. It was also the highest close since September 2, a potential sign of investors accepting prices above $3,500.
Next, consider that last peak 10 months ago. It marked a...
Cisco Systems had a big surge in March, followed by two months of upward sloping consolidation. Now the chart may be signaling another leg to the upside.
First, prices have held the 50-day simple moving average (SMA) and are bouncing. That suggests the uptrend is intact.
Second, notice the sharp drop on June 18 followed by a quick rebound. That resulted in a...
Homebuilders have pulled back following a big rally. Now the chart could be lining up for another move to the upside.
The Philadelphia Housing Index has been finding support at its 100-day simple moving average for the last two weeks. It’s also been holding a price zone around 460. That’s potentially significant because it was a peak on March 17 and then a...
Like many small growth stocks, Zillow pulled back hard between mid-February and mid-May. And like many small growth stocks, it’s now showing signs of returning to life.
Notice ZG’s basing pattern above $105 in the last two months. This is a sign of stability as selling pressure abates and buyers get comfortable with triple digits.
Next are the closes above the...
One by one, tech stocks have battled off their lows as investors return to growth names. It’s happened in Tesla, DoorDash, Roku and Advanced Micro Devices. Now Uber Technologies may be joining the club.
The ride-sharing giant is doing all kinds of interesting things with its moving averages. First, it’s been holding support along its rising 200-day simple moving...
The Ethereum baby has gotten thrown out with the Bitcoin bathwater. But now all sorts of interesting things could be happening with the No. 2 cryptocurrency.
The first big technical event is price bouncing at the 200-day simple moving average (SMA). BTC has been mired below this average since May 19, while ETH has seldom closed below it.
Next are the quick...
A month ago, we cited the downward-sloping channel in bond yields. Now it could be time for a move in the opposite direction, to the upside.
This weekly chart shows how 10-year Treasury yields held 1.44 percent in the week begun June 14. That was almost identical to the low in early September 2019. Yields bottomed 10-15 basis points lower July 2012 and July...
The iShares China Large-Cap ETF had a big run last year, then pulled back and consolidated for 3-4 months. Now it’s showing signs of coming back to life.
Notice how FXI held roughly $45 after forming a kicker candlestick on June 16-17. Looking back to the other lows of May 13 and March 25, we discover an inverted head and shoulders pattern.
Next, FXI squeezed...
Dick’s Sporting Goods has been running. Now, after a brief pause, it may be ready to keep moving.
The first interesting pattern on the daily chart is the price gap on May 26, which DKS recently tested (and partially filled). That resulted from a blowout quarterly report, with same-store sales up 115 percent.
Notice how price came down to test and hold the May 10...
Align Technology has trended steadily higher for years. Now, it may be poised for a continuation to the upside after 4-1/2 months of consolidation.
The main pattern on ALGN’s chart is the ascending triangle with a top around $610. A breakout through that resistance zone could bring fence-sitters off the sidelines.
Second, notice the bullish price action around...
