The S&P 500 has enjoyed a strong run with new 52-week highs for six straight sessions. But some traders may consider waiting for a pullback -- especially with the Federal Reserve meeting next week.
The first pattern on today’s chart is Wilder’s Relative Strength Index (RSI). It moved back above the overbought threshold of 70 this week. While frequent overbought...
Walt Disney has lagged the broader market this year, and now traders may see risk of further downside with earnings due on August 9.
The main pattern on today’s chart is the succession of lower highs in May, June and July. Combined with the late-May low around $87, those peaks have created a descending triangle. The media stock closed below the bottom yesterday,...
MercoLibre’s been sliding for almost two months, but there could be signs of a turn.
The first pattern on today’s chart is the $1095.34 level. It marked the high last summer and was near the low in mid-February. MELI pulled back and bounced at it this week, a potential sign that support is in place.
Second, that level closely matches the 200-day simple moving...
Advanced Micro Devices rallied in May and early June. A pullback followed, and now trend followers may return to the name.
The first pattern on today’s chart is the drop toward $107 in late June. That represented a 50 percent retracement of the initial thrust. Holding that zone could validate the direction of the move.
Second is the tight consolidation pattern...
Travel stocks have climbed recently, and now Caesars Entertainment could be showing signs of strength.
The first pattern on today’s chart is the falling trendline along the highs of February, March and mid-June. The casino operator pushed above it at the end of the last quarter and returned there on Monday. Further upside from here could make traders think...
Intel has struggled to keep pace with chip makers like Nvidia and Advanced Micro Devices for years. Now after an attempted turnaround, the bears may be returning.
The first pattern on today’s chart is the three-week rally in late May and early June. INTC halted at $36.96, its highest closing price since the stock gapped lower on July 29, 2022. A test and...
Starbucks has staggered since late 2022, and now traders could see risk of a push lower.
The first pattern on today’s chart is high-volume bearish gap on May 3 after the coffee chain issued weak guidance. The stock held it 50-day simple moving average (SMA) for about two weeks after the drop, then continued lower to its 200-day SMA.
SBUX spent about five weeks...
Nike has lagged the broader market this year. Some traders may see an opportunity to push the downside, especially with weak quarterly results and slowing growth in China.
The first pattern on today’s chart is the 200-day simple moving average (SMA), which the footwear stock broke in mid-May. It tried and failed to reclaim it last month – a potential sign of the...
Salesforce rallied along with other software and growth names between March and May. Is it poised for more upside after a June pause?
The first pattern on today’s chart is the falling trendline along the recent highs. A break of that resistance could make traders expect the uptrend to continue.
Next, CRM has been stuck near the 50 percent retracement of its drop...
Big tech stocks have gotten a lot of attention lately, but another theme has been cyclicals rallying off intermediate-term lows. Some of June’s bigger gainers, like Carnival and Delta Air Lines, advanced from these patterns. Today’s idea considers whether Chevron could follow a similar path.
We’ll start by identifying the two potentially key ingredients preceding...
Visa has barely moved since February, but traders could look for that to change as a new quarter approaches.
The first pattern on today’s chart is the series of higher monthly lows since December.
Those have been followed by higher daily lows since May 31. Prices were trapped below a high from April 2022 until jumping yesterday. That broke the top of an...
The Russell 2000 small cap index has lagged all year, but it may be showing some signs of coming to life.
The first pattern on today’s chart is the rally in early June, a potential sign of the bulls taking charge.
RUT proceeded to retrace half the move before rebounding. That could mean the bulls are staying in charge.
Third, the bounce occurred around 1820....
Honeywell has been dormant since March, but now some traders may think bulls are gaining traction in the industrial conglomerate.
The first pattern on today’s chart is the falling trendline along the highs of April and early June. HON ripped above that line two weeks ago and is now attempting to bounce at it. Old resistance may have become new support.
Second,...
Solar-equipment provider Enphase Energy has been sliding all year, and some traders may see risk of further downside.
The first pattern on today’s chart is the falling trendline along the highs of December, April and June.
Second are a series of instances where old support became new resistance. For example, ENPH made a low of $262.60 in November and peaked...
Bank of America has struggled since the plunging in March, and now some traders may see more downside in the lender.
The first pattern on today’s chart is the June 13 high of $29.80 -- below April’s peak of $30.93. The broader S&P 500, in contrast, made a higher high this month. That lack of relative strength may suggest fewer investors are accumulating...
The U.S. housing market is taking off -- at least according to yesterday’s data (starts and permits). However one of the biggest companies in the sector is still negative on the year: Home Depot.
The first pattern on today’s chart is the bearish gap on February 21 after sales and guidance disappointed. HD has recently started probing the $305.55 opening price...
HSBC pulled back along with other financials in March. It played a role in the crisis by absorbing Silicon Valley Bank’s British operations, and now the global bank could be drifting to new highs.
The first pattern on today’s chart is the rally between November and February. HSBC retraced almost exactly half that move the subsequent month before bouncing.
Next...
Bath & Body Works rallied after strong quarterly results and now it’s pulled back.
The first pattern on today’s chart is the high-volume bullish gap on May 18 after earnings, revenue and guidance surprised to the upside. The retailer pulled back a week after the event, followed by a sharp rally. It peaked around $43 before revisiting $39.
The current location...
