Many big technology stocks pulled back sharply in recent weeks, but ServiceNow could be sneaking higher.
The first pattern on today’s chart is the falling trendline along the highs of July 5 and 23. Strong quarterly results pushed NOW above this resistance on July 25, and it has remained there since.
Second, prices have stayed above the 50- and 100-day simple...
Microsoft has declined along with other AI names in the last month. How big was the pullback? Some traders may be surprised to know its intensity.
The first noteworthy signal on today’s chart is Wilder’s Relative Strength Index (RSI). The oscillator hit 24.69 on Monday. That was the lowest reading since August 2015. In other words, MSFT this week was more...
The broader stock market fell sharply in recent weeks, but Meta Platforms has barely moved. Is it a positive sign?
The first pattern on today’s chart is the May 31 low of $454.16. The social-media giant held that level on July 25 as the Nasdaq-100 tumbled. It remained above it in subsequent sessions, even as the bigger index made new lows. That may suggest new...
The Nasdaq-100 has fallen sharply in the last three weeks, but some traders may think the tech-heavy index is oversold.
The first pattern on today's chart is the sequence of simple moving averages (SMAs). The 50-day SMA is above the 100-day SMA and both are above the 200-day SMA. That may indicate the presence of a longer-term uptrend.
Second, NDX tested and...
Enphase Energy has drifted sideways for almost a year, and some traders may think a long-term downtrend is resuming.
The first pattern on today’s chart is the drop after prices stalled at the December high near $140. That false breakout is a potentially bearish signal.
ENPH proceeded to slide below $100. It next bounced and retraced about half the decline, which...
The U.S. Dollar Index has drifted for more than a year, but now some traders may look for a move to the downside.
The first pattern on today’s chart (using 2-day candles) is the pair of converging lines since late 2023. DXY broke this pattern in early July, which may suggest it’s getting ready to move.
Second is the tight range between 104.8 and 104. The higher...
The 10-year Treasury yield has been a key chart for risk appetite since interest rates started rising in late 2021. Now it might be confirming a move in the opposite direction.
The first pattern on today’s chart of TNX (using 2-day candles) is the series of lower highs since October. Notice the steepening downward slopes of the falling trendlines. Does this...
Citigroup has recently inched higher as the broader market pulled back. Now some investors may think the banking giant will continue upward.
The first pattern on today’s chart is $63.46, the close on June 28 and the last price of the first half. C tested and held it in two separate weeks. It’s also near the peaks of May. Has new support been established at higher...
Occidental Petroleum has been rangebound for more than two years, and some traders may worry about potential downside with some big events looming.
The first pattern on today’s chart is the price action after the April 12-June 4 slide. OXY retraced half the decline before rolling over, which may suggest its trend is now lower. The recent drop below $61 could also...
The Dow Jones Industrial Average has lagged the broader market for a long time because of its relative lack of concentration in large growth stocks. Could that become a virtue as sentiment shifts away from megacaps?
The first pattern on today’s chart is 40,000. DJI stalled at this psychologically important level in May but ripped through it early in the second...
Capital One has been stuck in a range most of the year, but some traders may think a breakout has begun.
The first pattern on today’s chart is the falling trendline along the highs of April and early July. COF surged through the resistance last week and remained above it this week.
Second, the financial stock has turned positive on the week after making a...
Many observers have spoken recently about market rotation. They often cite money shifting from megacaps to small caps. But another forgotten sector could be benefiting as well: healthcare.
The first pattern on today’s chart of the SPDR Select Sector Health Care ETF is the June 24 close of $147.09. XLV was trapped below this approximate level since late February,...
Morgan Stanley rallied to a multiyear high last week, and now it’s pulled back.
The first pattern on today’s chart is the 2023 high of $100.99. MS couldn’t break this level in May but crossed it in early July. Also notice how the financial stock is bouncing near that earlier peak. Has old resistance become new support?
Next, prices are slightly above the rising...
Ross Stores rallied in the winter. Now, after a period of consolidation, some traders may see potential for further upside.
The first pattern on today’s chart is the pair of bullish gaps after the last two earnings reports. The first gap sent the retailer to new highs above its 2021 peak. The second reestablished it above its 50-day simple moving average...
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...
