The second half of 2024 has begun, and some new trends may be emerging.
Today’s idea compares the daily chart of the Philadelphia Semiconductor Index and the weekly chart of the KWB Banking Index. NASDAQ:BKX
The first pattern on SOX is the price action on July 10-11. A move to new record highs was followed by a bearish outside day. That false breakout may...
Crude oil futures rallied in June, but some traders may see downside risk.
The first pattern on today’s chart is the falling trendline along the peaks of September, April and early July. These lower quarterly highs may be viewed as resistance.
Second is the level around 80.65. CL1! stalled there in early March and bounced at the same area in late March. It was a...
JPMorgan Chase began July by breaking out to new highs, and now it’s pulled back.
The first pattern on today’s chart is the May 17 close of $204.79. The banking stock consolidated above that level through July 12. Has old resistance become new support?
Next is the price zone between roughly $208 and $210, matching some highs earlier this month. Will this be a...
Nvidia has embodied the megacap growth trend for more than a year. Now there could be signs of sentiment shifting -- at least for a little while.
Today’s idea uses two charts to consider potential changes in market conditions.
First, Jensen Huang’s semiconductor giant showed some potentially similar patterns in March and June. Both times, it jumped to a record...
Boeing has climbed since its last earnings report, but some traders may look for longer-term selling pressure to resume.
The first pattern on today’s chart is the series of higher highs and higher lows since early May. Notice how the aerospace stock seems to have made a lower high in early July. That may be considered a bearish flag resolving to the...
Fiserv has squeezed into a tight range, and now some traders may think a breakout has begun.
The first pattern on today’s chart is the falling trendline since the end of March. Notice how the provider of banking IT services has crossed above that line.
Second, FI has repeatedly bounced at $146 since late February. That could suggest support has been established...
Qualcomm rallied to all-time highs in June following a strong earnings report on May 1. Now, after a pullback, some traders may look for further upside.
The first pattern on today’s chart is the 50 percent retracement of the move following the quarterly results. QCOM’s ability to hold that zone may suggest its uptrend remains in effect.
Second, the chip stock...
The Russell 2000 has gone nowhere since December, but some traders may think the small cap index is poised for a move.
The main pattern on today’s chart is the pair of converging lines along the lows since April and the highs since May. Will there be a breakout from this triangle?
Second, Bollinger Band Width has dropped to its narrowest reading since January...
Newmont rallied in March and April. Now, some traders may see potential for a breakout after two months of consolidation.
The first pattern on today’s chart is the May high of $44.59. The gold miner probed the level last week (after unemployment surprised to the upside) and its shares sat near it yesterday. Could a push above that resistance draw buyers from the...
Palantir Technologies has moved sideways for about five months, but now it could be sneaking toward a breakout.
The first pattern on today’s chart is the March 7 close of $26.46. It was the highest closing price for more than two years, but the software company closed above it last Friday. Are investors getting comfortable with higher values? (It was also...
Micron Technology has rallied as AI fuels demand for high-bandwidth memory, and some traders may see opportunities in its latest pullback.
The first pattern on today’s chart is the breakout to record highs on March 21 after results beat estimates. MU continued higher over the next three months before stalling and retracing half the rally. That could suggest its...
The S&P 500 has been fighting higher for the last two months. Is a pullback coming, or could there be more new highs in store?
Consider the series of tight ranges on this chart following rallies to new highs. The first jump occurred on June 5 as Nvidia’s market cap shot past $3 trillion. The second was on June 12 after inflation was lower than expected. The third...
General Motors recently hit a two-year year high, and some traders may see opportunity in its latest pullback.
The first pattern on today’s chart is the price area between roughly $45.70 and $46. The automaker stalled at this level in early April and remained below it all of May. It then broke out sharply on June 10 and has remained above it since. GM tested the...
Sweetgreen started running in March, and some traders may see an opportunity in its latest pullback.
The first pattern on today’s chart is the pair of bullish gaps following the last two quarterly reports. They may reflect bullish sentiment toward the restaurant chain, which issued strong guidance both times.
Second, SG retested and held the late-May low of...
Meta Platforms has been grinding upward for the last two months, and some traders may see potential for a breakout.
The first pattern on today’s chart is the bearish gap on April 25 after guidance missed estimates. The social-media giant avoided making new lows after the drop and recovered, which may suggest that buyers were lurking.
Second is the pre-gap close...
Schlumberger has bounced along with other energy stocks recently, but some traders may see a downtrend taking shape.
The first pattern on today’s chart is the $47 level. It was near the lows in February and early May. SLB is now potentially stalling at the same point. Has old support become new resistance?
Second, the 50-day simple moving average (SMA) has...
Goldman Sachs ran to new highs in late April. Now, after a pullback, some traders may see more upside in the Wall Street giant.
The first pattern on today’s chart is the falling trendline along the highs of May and early June. GS has pushed above that line in the last few sessions, which could be viewed as a potential breakout.
Second, the recent low around $440...
Merck has moved sideways after breaking out in January. Could traders see potential for more upside in the second half?
The first pattern on today’s chart is the range between the closing prices on March 26 and March 28. This channel is less than $7 wide, or approximately 5 percent of the drugmaker’s share price. Could that narrowness give way to...
