Starbucks (SBUX) was up over 13% from its May low to its July high. The rally formed a clear uptrend line on the daily chart and today that support was broken decisively with the stock price closing near its low. First downside target is the gap in the $76.00 area, just above the merge of… Read More »
I highlighted the chart of American Express (AXP) at the beginning of the week. The high wick rejections at the top of the channel were warnings signs and now the stock is breaking below channel support. It has been a volatile day, so waiting for a daily close in lower candle range for confirmation.
The entire daily range of the Russell 2000 Index is centered in the zone of support delineated by the 50 and 200 day moving averages, which I highlighted yesterday.
Here is a look at the pre-market, and are you feeling the index angst, more unfortunate news from Gaza, Russian sanctions, and more.
Forty five years ago today Apollo 11 took off on a mission that put a man on the moon.
I mentioned a potential bottom in the PowerShares US Dollar Index Bullish Fund (UUP) on the weekly chart two weeks ago when it was testing support, and two weekly candles later it is testing resistance. Average true range and Bollinger bandwidth are very tight and a breakout, if it occurs, could be volatile. Remember this… Read More »
One week ago, I wrote about Apple (AAPL) returning to its 2012 high and the simultaneous RSI and MFI overbought readings. The stock remains stalled in this area, but maybe not for long. The daily chart shows two very interesting back-to-back candles. Yesterday, a bearish engulfing candle formed, one in which its total range encompasses… Read More »
The 2013 high in Steel Dynamics (STLD) was a retracement of half of 2008 range decline, and since then the stock has been consolidating in a large symmetrical triangle pattern. Last week it bounced off the merge of its 50 and 200 day moving averages, and today it penetrated the triangle downtrend line. A close… Read More »