Tesla is probably the most prominent stock in the last 12-18 months, surging about 2,000 percent from its peak to trough. But now it may be at risk as sentiment pivots from "new economy" stocks to "old economy" stocks.
This chart compares TSLA’s relative strength to the SPDR Consumer Discretionary ETF. (TSLA is now the #2 holding in the sector behind...
Zoom Video Communications has staggered since last year’s massive rally. Now it’s making a lower high and may be at risk of further downside.
Notice how ZM attempted to rebound above $450 this week but was quickly rejected. That’s important because it matches the high-volume bearish gap from November 9 – the same day positive vaccine news changed the narrative on...
American Tower is the largest owner of wireless towers, and the largest member of the real-estate sector.
It’s been in a long-term uptrend thanks to the spread of wireless communications, having doubled between early 2017 and early 2019. It hit new all-time highs last summer, pulled back for half a year and now may be showing signs of a turn.
The first important...
It’s been a long two years for Boeing, but now the chart may be signaling a turn.
The aircraft maker began its descent in March 2019, when fatal crashes forced the grounding of its workhorse 737 Max plane. BA continued facing headlines that year, followed by a nosedive when the pandemic hit.
The stock remains well below its peaks and is still one of the...
The SPDR Financial ETF quietly did something historic last week: It closed at the highest price ever.
This is a big deal because XLF has been trapped at resistance running back to 2007 (before the subprime crisis). It was trying to break the old highs around $31 exactly a year ago, then lost 44 percent of its value when the pandemic hit.
XLF jumped early this...
Consumer staples have lagged this year as investors look past the stay-at-home trend. The biggest stock in the sector, Procter & Gamble, is forming a bearish triangle pattern.
The $128 level is important because it was resistance in February 2020 – immediately before the pandemic slammed markets. PG has been holding the level for more than two weeks while making...
The S&P 500 has steadily trended higher since November. However some chart patterns suggest it may be topping out – even if there isn’t significant downside risk.
First, a parallel price channel has become increasingly visible, especially after the most recent surge. Prices are currently at the top of the channel.
Second, the last three sessions have featured a...
Advanced Micro Devices has been consolidating after a big surge in July and August. Now the chip stock may be lining up for another move.
The first chart pattern is the descending trend line that began on January 11. It was resistance a week later, but yesterday AMD closed above it for the first time.
Next, AMD has spent the last two weeks building support...
Stitch Fix is in the midst of an explosive rally, and now the shares are pulling back.
This chart compares the current pullback with the previous bounce that began on January 12.
First, notice that SFIX retraced about half its move between December 7-22. It’s currently relinquished a similar amount (61.8%) of its second move January 12-27. That may suggest the...
Silver was in focus last week on talk of a short squeeze. The attempt fell flat, but the white metal’s technicals could be lining up for a rally regardless.
The first chart feature is the huge breakout above $20 in July. This was confirmed by retests on September 24 and November 30. Notice how prices rebounded sharply from both attempts. Interestingly, the...
Vale has pulled back following a sharp rally, creating a potential opportunity for global-economy bulls.
The Brazilian metals company ripped more than 80 percent between late-October and early January. Its $19 peak on January 4 was the highest price in almost eight years. VALE then retreated toward $16, and is now bouncing at its 50-day simple moving average...
Cirrus Logic began 2021 with a breakout to new highs. Now it’s pulled back to some potentially interesting levels.
First, Thursday’s close around $86 is near the old peak in January 2020. Will old resistance become new support?
Second, CRUS has returned to its 50-day simple moving average for the first time since it started running in late September.
Third,...
Pet supplier Chewy has been cooped up like a border collie in a kennel, but some technical patterns suggest it may run again soon.
CHWY doubled in value since mid-September, rallying out of a bullish ascending triangle. Its animal spirits took a nap around the “nice round number” of $100 in mid-December, and the stock has consolidated there since.
Bollinger...
Bitcoin broke out to new highs in December, and now Ethereum is trying to follow suit.
ETHUSD flirted with new highs above $1,420 as early as January 19 but wasn’t able to close there. It probed again several times without success before ripping to another new high today.
This time might be different because prices have formed a bullish ascending triangle....
Attention has recently focused on short squeezes and Big Tech earnings, but Energy remains the top-performing sector in 2021.
We started the year highlighting the golden cross in the SPDR Energy ETF, which proceeded to jump to a seven-month high. Prices have pulled back since and are now trying to hold their 50-day simple moving average (SMA).
The next feature...
Facebook tried to rally on strong earnings yesterday, and the bears were having none of it.
The social-media giant spiked to an eight-week high early, only to close at its lowest price in over a week. In other words, it had a large bearish outside candle on heavy volume.
This chart also illustrates the downward trendline on FB, which has successfully held the...
Yesterday could have been a significant day for the S&P 500. Let’s consider a few points.
First, the index fell 2.6 percent, its biggest drop since October 28’s 3.5 percent selloff. It’s also now slightly negative on a year-to-date basis.
Second, SPX made a new all-time high before 9:35 a.m. ET on Tuesday but ended lower. Followed by Wednesday’s slide to a...
Bitcoin has bled lower for the last three weeks, but some interesting things appeared on the chart today.
First, BTCUSD made a brief stab under $30,000 before recovering. That’s not just a psychologically important “round number.” It also matches the consolidation zone at the end of 2020 and the start of this year. That was a key breakout line at the time and...
