trendinvestorpro

trendinvestorpro

This chart shows the EW Consumer Discretionary ETF (RSPD) with the ATR Stop & Reverse (ATR-SAR) indicator (red/green) and the price-relative in the indicator window (RSPD/RSP ratio). The ATR-SAR switches when there is a 4 x ATR(22) move in either direction. RSPD broke below the ATR-SAR and this signals and outsized decline. This reverses the bullish signal from...

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ITB is going through a classic Bollinger Band squeeze as it consolidates within an uptrend. A consolidation within an uptrend is a bullish continuation pattern and this favors a breakout to the upside, and new highs. Re-evaluate on close below January low.

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An RSI move above 70 is bullish because it shows strong momentum. An RSI move above 75 shows even stronger momentum, but also increases the odds of a corrective period. RSI for $IJR is above 75 for the 5th time in five years. Bullish, but be careful…

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Video gaming stocks are strong overall with $ATVI hitting a new high in late Dec and $TTWO hitting one this week. $EA surged and then consolidated with an imperfect flag. This is still a consolidation after a big move and a bullish continuation pattern.

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An Ascending Triangle is taking shape for $NVDA as the stock recovers from the 6-Jan decline and challenges the December high with a bounce the last three days. Big trend is up and this is a classic bullish continuation pattern. Group is also strong with $SOXX hitting new highs this year already.

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$MRNA is setting up after a pullback within a bigger uptrend. Stock fell back to the rising 50-day after retracing 1/2 to 2/3 of the Sept-Dec surge. RSI also fell back to the 40 area, which acts as momentum support in an uptrend. Recent bounce broke out of the falling flag/channel.

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HD lagged the last few months, just like AMZN and ITB, but the overall chart still sports a bullish configuration. Stock hit new highs in August and is above rising 200-day. Decline from high retraced 1/2 to 2/3 and formed a falling wedge, both of which are typical for corrections within a bigger uptrend. Stock is finding support from the lows extending back to...

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Apple $AAPL sports a bullish continuation pattern and breakout. The long-term trend is up, the stock held the gap zone and formed a triangle consolidation. A consolidation within an uptrend is a bullish continuation pattern and the breakout opens the door to a run higher. RSI dipped into the oversold zone (30-50) for a mean-reversion setup and shows signs of...

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Broke out of triangle consolidation, raced to new highs, became overextended and fell back to the breakout zone, which turns support. Bigger trend is up (well above rising 200-day) and RSI is in oversold zone (30-50), as it was in July. Looking for short-term upside catalyst.

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AMAT formed a high and tight pennant after the cup-with-handle breakout. The stock is in an uptrend and leading. This pennant is a bullish continuation pattern and a breakout is expected.

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NASDAQ:TXN gapped down and fell on earnings day with high volume, but the stock immediately stabilized and found support. Notice how broken resistance and the August low mark a clear support zone. The long-term trend is still up and there are also two bounces off the 116 area in late October. Semiconductors are strong overall and I expect TXN to continue higher.

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NASDAQ:CHKP - HACK led the tech-related ETFs in October with a surge and breakout. CheckPoint CHKP, which is part of the cyber security group, is joining the party with a break above the Sept high. Also note that lows in the 106 area formed a Double Bottom of sorts from August to early October. At the very least, this is a base of sorts. The breakout here in...

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NASDAQ:EA - After a surge from late December to mid February, the stock embarked on a long correction as it retraced around 61.8% of this advance with a falling channel. EA established support in the 88-90 area in July-August and held above this support zone during September-October pullback. Thus, a higher low is taking shape and this could be the start of...

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NYSE:NEM - The big trend reversed for NEM when the stock broke the February-April highs. This resistance zone then turned into support and held in September-October. This is a classic tenet of technical analysis: broken resistance turns support. Yes, there was an overshoot below the support zone in early August, but the stock immediately recovered. A wedge has...

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Walgreens Boots has been basing since April with a Double Bottom form ing from May to August. The stock exceeded the intermittent high, but this breakout did not hold as WAG fell back with a bull flag. The bull flag breakout reversed the short-term downtrend in mid October and WAG is again challenging resistance. I expect a breakout from this large base and would...

trendinvestorpro Updated 

Even though Amazon NASDAQ:AMZN and the many momentum names fell on hard times the last three months, AMZN is in a potential reversal zone and showing signs of accumulation. First, there is a lot of support in the 1900 area from broken resistance and the early June low. Second, the July to October decline retraced around 50% of the prior advance. This could be a...