Silver had some fireworks in July (biggest monthly gain since at least 2006). It had a brief crash on August 11, but quickly rebounded and has formed an increasingly tight range since.
This kind of price action is potentially bullish because silver has only advanced for a few months. That means there are fewer investors with long-term winning positions, and...
Most people know that the Nasdaq-100 had a monster run in August. But just how extended was it? By one measure, it reached levels of giddiness last seen in the dotcom bubble.
Our custom script “ Distance from MA ” (published on March 18) shows how far price has moved away from a given moving average. It supports simple, exponential , hull, weighted and...
Apple has had a sharp pullback after splitting its stock. Now some new catalysts are in focus with the product event tomorrow and potentially new iPhones later in 2020. Let’s study the chart before Tim Cook takes the stage at 1pm ET on Tuesday.
First, stochastics show AAPL is the most oversold since late March. That alone might grab some attention.
Next, AAPL...
The S&P 500 just had its worst two-week performance since March, down 4.8 percent between August 28 and September 11. Is it the pullback everyone’s been waiting for? Here are a few things to consider.
First, the index just tested and held its 50-day simple moving average (SMA) for the first time since it ripped through that line in mid-April. It’s a pretty...
Visa formed an almost-perfect channel between May and mid-August, and ran to new highs before Labor Day. The recent volatility dragged it lower, but the pullback may be an opportunity.
The patterns are relatively straightforward. One is the $200 level, the top of the channel. That old resistance now seems to be providing support.
Second is the 50-day simple...
Sports-betting pure-play DraftKings had a monster rally between March and June with a surge of almost 300 percent. It then entered a period of consolidation, which has recently morphed into an ascending triangle.
DKNG based out near $27.50 in mid-July, followed by a higher low above $30 exactly one month ago. Prices have mostly hugged the 50-day simple moving...
The Nasdaq-100’s sharp pullback last week brought all kinds of solid names back to earth. And one of the most prominent is Amazon.com.
Jeff Bezos’ e-commerce giant triggered some alerts on TradeStation yesterday and Friday after dipping down to test its 50-day simple moving average (SMA). This provides a fairly straightforward momentum setup.
AMZN is also...
Fastly had one of the sharpest rallies in big tech stocks, ripping about 400 percent between early May and early August. But the price action has turned bearish in the last month.
FSLY posted strong quarterly results on August 5, but investors “sold the news.” Management added fuel to the fire by revealing a large dependence on TikTok, the Chinese social-media...
Today’s price action in Ethereum is a classic breakout followed by a pullback.
ETHUSD traded as high as $489, about 9 percent above its August 17 high. It then pulled back but quickly held some important levels.
First, it tested $420 on a very brief intra-hour basis. That was a peak in the hourly chart on August 20, and a low early Monday.
There was another...
Technology has undeniably led the market during the pandemic. While it’s usually wise to stick with the leaders, traders should also watch for signs of new sectors coming to life. We might have gotten one today in Materials, especially chemical companies like DuPont .
The SPDR Materials ETF traded as low as $62.74 shortly after the opening bell today,...
Shopify has been one of the strongest tech stocks since early 2019, leaving Amazon.com and even Tesla in the dust. It’s been quiet recently, consolidating in a tight range, and now that pattern is morphing into an ascending triangle with breakout potential.
SHOP began July by moving above $1,000 for the first time, having tripled from early April. It tried to gap...
E-commerce has grown dramatically in the era of coronavirus, as most traders know. A lot of the attention has obviously focused on the big names like Amazon.com, but smaller player Etsy has risen even more.
ETSY crushed forecasts the last time it reported on August 5, with revenue more than doubling from the previous year. The stock ran into the news and then...
Halliburton is one of the more resilient names in the energy sector. It’s up more than 35 percent in the last three months, while the SPDR Energy ETF is down more than 7 percent in the same period.
That recent strength has established HAL solidly above its 200-day moving average (SMA) since early August. It’s squeezed into a very tight range as it digests those...
Technology stocks have undeniably led the market for several months. However the banks are showing signs of strength.
JPMorgan Chase has been quietly making higher lows along its 50-day and 100-day simple moving averages (SMAs). That suggests its intermediate-term trend is at least neutral, and possibly nearing a bullish state.
In and of itself, the chart is...
Chips have been one of the stronger parts of the market lately as the economy rebounds from coronavirus and applications like cloud computing and videogaming flourish.
Lam Research is a provider of chip-making equipment. It rallied on a strong earnings report in late July, but then stalled and has now pulled back.
LRCX has stabilized in the last week or so. It...
Electric-car maker Nio has been one of the most explosive stocks in the last three months, more than tripling since the end of May.
However, it’s been rangebound since early July as it digested a lot of those gains, and now the price action is starting to resemble a bullish ascending triangle.
NIO peaked around $15.30 on a big high-volume candle July 8. It’s...
Positioning against the dollar has become a common trade lately thanks to the Federal Reserve’s aggressive monetary stimulus. However, there are some signs of the trend running its course.
First, the U.S. Dollar Index made consecutive weekly lows around 92.55 at the end of July and the start of August. It tried to break under that level last week but quickly...
Tesla has obviously had an amazing run. This morning it spiked as high as $2,129, more than 900 percent above its 52-week low one year ago.
But TSLA hasn’t held that level. Its high occurred in the first minute of trading, and prices quickly knifed under $1,940. That’s resulting in a large outside candle on the daily chart.
This is a potential reversal pattern –...
