Amazon.com has been dead in the water since Labor Day. Now potential signs of a downtrend may be taking shape.
The first thing jumping off the chart are the series of higher lows and lower highs beginning in September. This produced a long triangle pattern that AMZN broke to the downside late last month.
That decline entrenched prices below the 200-day simple...
Most of the Nasdaq took a beating lately, but not Alphabet.
The parent of Google and YouTube has been standing tall since its bullish quarterly numbers on February 2. The report planted the stock above $2,000, and it’s held that bullish price gap since. Apple, Amazon, Microsoft, Facebook, Tesla, Nvidia have all slipped to their 50-day simple moving averages...
Apple rallied in December after holding $120. Now it’s back and threatening to break support at that level.
The price action is part of the ongoing technical weakness in the smart-phone giant. It had a false breakout in January and a trend-line failure last month. Today we got a clue why: AAPL has cut production of its iPhone 12 mini, according to Nikkei . Once...
Recent weeks have seen breakouts in smaller social-media stocks like Twitter and Snap , which have both pulled back. Today we’re looking at TWTR.
Jack Dorsey’s microblogging service didn’t only beat earnings and revenue estimates on February 9. It also showed significant traction in its direct response (DR) advertising. That sent the shares flying to new highs...
Attention is shifting toward industrials as technology and the Nasdaq struggle. Two companies in the space have potentially bullish patterns: Illinois Tool Works and Stanley Black & Decker .
ITW is the larger company with a market cap of about $68 billion. It broke out to new all-time highs in August and consolidated for the next seven months. Now the bulls may...
Several bullish patterns have appeared on the Ethereum chart lately.
The first one that grabs our attention today is the bullish cross on MACD. Previous times this happened, like early February and mid-December, were followed by new highs.
Second, notice how ETHUSD pulled back to hold its previous breakout level around $1,420. Old resistance from January 2018...
The run-up in U.S. bond yields has squeezed the dollar higher and dragged global stocks lower. This could be creating an opportunity in Chinese stocks.
The iShares Trust China Large-Cap ETF hit a 13-year high of $54.53 on February 17, followed by a sharp pullback in the last two weeks. A few interesting things appear on the chart.
First, FXI has returned to an...
On bearish days like we’ve had lately, it can be useful to look for stocks lurking near highs because they often break out when calm returns. DraftKings seems to fit that bill.
First, consider how the sports-betting stock formed a large bullish ascending triangle between early October and late February. Notice how it began the current month with a breakout...
Industrials have outperformed this year as investors look for the economy to rebound. Ingersoll Rand is a member of that group with some interesting chart patterns.
First, notice how IR surged to a new all-time high last week. It’s now pulled back to hold its earlier peak around $47.50 and form tight pennant. Traders may watch the 8-day exponential moving average...
Software companies have lagged this year as investors focus on cyclicals like energy and financials. But one unexpected name is breaking out: Oracle.
As covered previously, strong earnings lifted ORCL to new highs in December. It then pulled back to old resistance and bounced. This week, its shares are closing above their previous all-time highs.
Two technical...
Nvidia has gone nowhere since the summer, but now the chart may be lining up for another push to the upside.
The first pattern is the series of higher lows beginning in early January, plus a new all-time high in February.
Next, the most recent low of around $528 is almost exactly the middle of its four-month range. After consolidation on either side of that...
Uber Technologies quietly hit a new all-time high on February 11. Now it's pulled back and may be offering some opportunities for the bulls to hail a ride.
First, notice the trend line starting at the low of November 4, as stocks began their election-week rally. UBER jumped two sessions later after announcing results. It continued higher until late January, when...
Microsoft was one of the big winners last earnings season, beating estimates across the board and raising guidance. Now it’s pulled back to hold some key levels.
First, MSFT made a low yesterday slightly below its 50-day simple moving average (SMA). However it quickly rebounded to close above it.
Second, the current price zone is near the previous peaks of...
Two weeks ago, we highlighted some potential topping patterns on the S&P 500. It’s played out as expected, and now attention turns to the price channel highlighted in that idea .
Notice how prices ranged from the bottom to the top of the channel since November, including the middle of this month. But something changed this week because SPX didn’t return to the...
Homebuilders have struggled lately as interest rates rose, but the longer-term prospects remain favorable. Today’s chart considers the pullback in DR Horton, the biggest name in the space.
DHI hit a new all-time high of $84.41 on February 11 and pulled back. It’s now bouncing, which may create opportunities for buyers.
Notice the high basing pattern between...
Cisco Systems has gone nowhere for three years, but now the tech stock may be showing signs of life.
First, notice the pullback from new highs in early February.
Second, notice where CSCO broke out and is trying to stabilize. The current $45.50 level was resistance in December in January. Prices also chopped on either side of it between August 2019 and...
Recent weeks have seen a rotation away from Big Tech in favor of energy and financials. Apple hasn't been immune from the process, as this chart shows.
First, notice how AAPL made a double top around $138 in early September and late December. Those peaks were suspect because they occurred during holidays. They were also near the opens, followed by solid red...
Tesla is probably the most prominent stock in the last 12-18 months, surging about 2,000 percent from its peak to trough. But now it may be at risk as sentiment pivots from "new economy" stocks to "old economy" stocks.
This chart compares TSLA’s relative strength to the SPDR Consumer Discretionary ETF. (TSLA is now the #2 holding in the sector behind...
