A simple Fibonacci analysis of the daily Facebook (FB) chart going back to January 2017 reveals a interesting technical intersection in both time and price. Facebook shares have been in rally mode for most of the look-back period, except for the February to March broader market pullback period. Since that pullback the technology sector has… Read More »
It was a volatile first half of this year. The S&P 500 Index moved in a 12% range similar on a percentage basis to its opening range in 2016. But while the price ranges were similar the direction of price movement was not. The monthly and daily charts show several dissimilarities between the opening halves… Read More »
Following up on yesterday’s post about trend line support on the major market index charts, three of the four index charts held above their respective uptrend lines. These support lines drawn off the lows since early May were tested on the S&P 500 Index, the NASDAQ Composite Index, and the Russell 2000 Small Cap Index… Read More »
Apple (AAPL) is the largest holding in the Technology Select Sector SPDR ETF (XLK) and for the last two years the stock has consistently outperformed the fund as a whole. This year Apple is under-performing it, not by much, but more recently it has lost its leadership role as a XLK component. Make no mistake,… Read More »
It seemed like a fairly neutral statement by the Fed this afternoon, accompanied by the expected 0.25% rate hike. The major market averages had remained stable immediately following the Fed statement but then sold off into the close. The Dow was down today -119.53, the S&P 500 off by -11.22, and the NASDAQ Composite settled… Read More »
Since early April this year there has been a very interesting divergence between Berkshire Hathaway (BRK/B) shares and the S&P 500 index.
Here are several stocks on my watch list today: The Health Care Select Sector SPDR Fund (XLV) has been trading in a horizontal channel for the last two months. Resistance is situated in the $84 area and the February low around $79.50 has supplied well-tested support. The channel pattern price projection is measured by taking… Read More »
The Nasdaq Composite is an index of over 3,300 common equities listed on the Nasdaq stock exchange. It is up 10% since its April low this year. An impressive two month gain. The index is a market-value-weighted index. That means its components are weighted according to the total market value of their outstanding shares. Currently,… Read More »