Stocks rose last week, but a more important signal may have come from the yield on the 10-year Treasury note.
Today’s idea uses multiple time frames to consider whether borrowing costs have finally peaked.
The first pattern on the daily chart is the gap lower on November 2. It was a key day when labor productivity improved much more than expected and labor costs...
Western Digital has pushed steadily higher since late 2023, and now some traders may expect the uptrend to continue.
The first pattern on today’s chart is the zone around $66. WDC peaked there on March 6 and 21. It then rallied above the price and came back to hold it on April 19 and 25. Has old resistance become new support?
Second, the data-storage company got...
Carnival has been rudderless all year, and now some traders may see downside risk in the debt-laden cruise-ship operator.
The first pattern on today’s chart is the sideways drift following a sharp rally in November and early December. Its failure to make new highs -- even early in the year when the S&P 500 was breaking out -- may reflect weak sentiment.
Second,...
Alcoa has fought higher since October, and some traders may expect further upside.
The first pattern on today’s chart is the December 27 high of $35.03. The aluminum company rallied above that level in early April and retested it in mid-April. Has old resistance become new support?
Second, AA is nearing its previous 52-week high of $38.20. Chart watchers could...
Nu Holdings is a Brazilian fintech that doubled its revenue last quarter. Some trend followers may see opportunity in its current setup following a significant run.
The first pattern on today’s chart is the $10.50 level where NU peaked in mid-February. The stock pulled back to test that level in mid-April and bounced. Has old resistance become new...
Walmart broke out to record highs in February. Now, after a pullback, some traders may expect further upside.
The first pattern on today’s chart is the falling trendline that began in late March. WMT pushed against it this week and closed above it yesterday. Some traders may consider that evidence of a breakout.
Second is the April 2 low of $58.88. The retail...
The ARK Innovation ETF has chopped in a range for the last two years, and some traders may expect a push back to longer-term lows.
The first pattern on today’s chart is the rounded top in February and March. It was slightly below the peak of December 2023. The lower monthly high may suggest bears remain in control over the longer term.
A sharp drop in early...
Crude-oil futures have been climbing all year, and some traders may see further upside.
The first pattern on today’s chart is the March 6 high of 80.67. CL1! Bounced there two weeks later, potentially turning old resistance into new support. That’s could be a bullish signal.
Prices then rallied to a new six-month high near 88 before pulling back. They bottomed...
Micron Technology jumped on AI enthusiasm last month and now it’s pulled back.
The first pattern on today’s chart is the bullish gap on March 21 after earnings and revenue beat estimates. MU dipped to $107.05 the following session before continuing higher, but has now pulled back to hold that level. Has support been confirmed?
Second, you have the sequence of...
Microsoft rallied after its last earnings report. Now it may be giving traders another chance with the next set of numbers due Thursday afternoon.
The first pattern on today’s chart is $397.21. That was the low on January 31, immediately after the software giant beat earnings and revenue estimates. Prices had run into the report, and they fell on profit taking....
T-Mobile US rallied to new highs in late 2023, and now some traders may expect continuation to the upside.
The first pattern on today’s chart is the breakout in early December, followed by sideways movement. That may suggest buyers have become comfortable with the new levels.
Second, Bollinger Band Width has narrowed. Could such tight price action give way to...
Stocks inched lower yesterday, but not Wells Fargo.
The first pattern on today’s chart is $58. WFC was trapped below that level since March 12, but closed above it on Thursday and reached its highest level in over two years. That may suggest the bank stock is breaking out.
Second, Bollinger Band Width highlights the narrow consolidation since early April. Will...
First Solar has been fighting higher, and some traders may see further upside.
The first pattern on today’s chart is the December 28 closing price of $173.22. FSLR jumped above that level early in the month and has now pulled back to hold it. Has old resistance become new support?
Second, prices are above the 200-day simple moving average (SMA). The 50-day SMA...
Marathon Petroleum has been running since late January, and now it’s pulled back.
The first pattern on today’s chart of the refinery stock is the March high of $203.02. The stock tested that peak today. Traders may watch to see if it can turn old resistance into new support.
Second, MPC has pulled back to the rising 21-day exponential moving average. It offered...
U.S. Treasury yields have dominated sentiment since early 2022. Today we’ll return to the important chart of the key 10-year note.
This chart uses two-week candles to show the bigger picture. The yellow line illustrates the upward trend.
Four levels are also highlighted.
First is the October 2018 peak of 3.248. TNX held that level in April 2023 following the...
Homebuilder Lennar has been grinding higher this year, but some traders may expect a breakdown.
The first pattern on today’s chart is the rising trendline along lows in January, February and March. Prices have sat there for the last four sessions with little sign of a bounce, which may suggest it’s losing relevance as support.
Second, the 50-day simple moving...
Drugmaker Merck has been pushing to new highs, and now it’s pulled back.
The first pattern on today’s chart is a pair of gaps. On February 1, earnings and revenue beat estimates. The second jump on March 27 followed approval of a lung-disease drug. Both of those gaps pushed the stock to record highs.
Next, MRK held last year’s previous all-time high in...
Snap plunged two months ago. Now, after a period of consolidation, some traders may see further downside risk.
The first pattern on today’s chart is the bearish gap on February 7 after revenue missed estimates. The social-media stock tried to recover a month later but quickly reversed. That may confirm resistance is in place.
A descending triangle developed in...
