The S&P 500 has been under pressure since the summer. Today we’ll consider some patterns that may give clues about the big index.
First is the price gap from September 21, one day after the Federal Reserve gave a “higher for longer” message. SPX flirted with that price zone for six sessions without breaking through it. Has new resistance emerged?
Interestingly,...
Rivian Automotive skidded lower in August. Now, after a period of consolidation, traders may think more downside is coming.
The first pattern on today’s chart is the 50-day simple moving average (SMA). RIVN initially tied to hold this intermediate-term trend in late August and early September. But it’s turned lower in the past month.
Second, RIVN bounced at its...
NextEra Energy fell sharply in late September as higher interest rates impacted the value of its wind and solar farms. Now after a bounce, momentum bears may look for a retest of recent lows.
The first pattern on today’s chart is the selloff that began on September 27 after its NextEra Energy Partners (NEP) limited partnership cut its long-term growth forecast....
Homebuilders like D.R. Horton were some of the top-performing stocks in the first half. Now, after a healthy pullback, traders may look for continuation into yearend.
The first pattern on today’s chart is the April 19 close of $101.86. DHI gapped higher the following session and kept climbing for the next three months. The stock then rolled over and fell through...
Advanced Micro Devices more than doubled in the first half of the year. Now, after a healthy pullback, the semiconductor stock may be ready to climb again.
The first pattern on today’s chart is the falling trendline along the highs of June, August and September. AMD pushed through that line last week and has remained above it since.
Next, the $105 area was a...
Bitcoin could be rangebound until a catalyst emerges.
The first pattern on today’s chart is the price level around $28,122. It was an intraday peak in late August and the daily close on October 1. The cryptocurrency began this week near that level but sellers quickly drove it down its range.
Prices have next tried to hold a support line around $26,500. If they...
Oil refiner Valero Energy fell sharply in recent weeks, but dip buyers may see opportunities.
The first pattern on today’s chart is the price area between about $126 and $130. VLO chopped at these levels in August before surging to an all-time high in September. It’s holding that zone again, which may suggest it’s become support.
Second, the price area matches...
The fourth quarter has begun, and attention may soon turn to holiday spending and Black Friday. Today’s chart focuses on Shopify, a key player in the growing world of online commerce.
The first pattern is the August low of $51.20. SHOP has flirted with this level for almost two weeks without closing below it. Is support in place?
Second, the consolidation has...
Palantir Technologies more than doubled between early May and late July. Now, after a period of consolidation, trend followers may return to the software company.
The first pattern on today’s chart is the rectangle between roughly $13.68 and $16. PLTR chopped in this range for almost eight weeks, but closed above it on Friday. That could make some traders think...
Crude-oil futures are having their worst week since March, but some traders might think about buying the pullback.
The first pattern on today’s chart is the price area around 83.50. It represented the peak for CL1! in December and April. It’s also near the spot where prices stalled in early August before continuing higher in early September. Black gold is now...
Uranium miner Cameco ran to new highs in August and September as prices increased for the nuclear fuel. Now, after a pullback, some dip buyers may get active.
The first pattern on today’s chart is the $35.16 level where CCJ closed at the end of July. It continued to serve as resistance in the first half of August, but then became support after prices broke out on...
Tesla reported unimpressive deliveries for the third quarter because of factory downtime. However, the EV maker’s big news might not be in the past, but the future.
There has been growing buzz about TSLA’s Cybertruck being released soon. (Reports like promotional materials being created and more Cybertrucks spotted in public.) This may pave the road to the upside...
Warner Bros. Discovery spent much of 2023 in a tight range, but now it could be moving again.
The first pattern on today’s chart is the series of higher lows between December and late August. The media company began September by moving under the line, and has shown signs of trending lower since. Some chart watchers may now view that price action as the breakdown...
The SPDR S&P Bank ETF dropped sharply in March because of elevated Treasury yields. It’s been quieter recently with the 10-year marching to new long-term highs, but will that last?
The first pattern on today’s chart is the series of higher lows between early May and mid-August. KBE proceeded to make a lower high after breaking that trendline and has made lower...
The S&P 500 has been skidding lower since late July, but now there may be signs of a bottom.
The first pattern on today’s chart is the falling channel along the highs of September and the lows of August and late September. SPX seems to be holding the bottom of this corrective formation.
Next, consider the price action in early June after Congress voted to raise...
Palo Alto Networks has been chopping near record highs since the spring. Could it have a strong yearend?
The first pattern on today’s chart is the bullish gap on August 21 after quarterly earnings beat estimates. The cybersecurity stock subsequently pulled back to a closing low of $227.45 before bouncing. It retreated again in recent weeks but managed to hold the...
Borrowing costs are back in focus after Jerome Powell & Co. made some hawkish revisions to next year’s Dot Plot. How high might they go? Today we’ll ponder that question using a long-term monthly chart of the 10-year U.S. Treasury note’s yield.
The first pattern is the falling trendline that began way back in 1985. TNX ripped through that level 17 months ago,...
Discover Financial Services has come under pressure since the summer, and traders may see risk of further downside.
The first pattern on today’s chart is the pair of high-volume bearish gaps. The first occurred on July 20 after earnings missed estimates. The second occurred on August 15 after its CEO unexpectedly left the company. DFS failed to recoup either...
