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☆ Traders should be worried if they're holding this Magnificent 7 member, according to the charts
▼ + stars: | 2024-02-15 | by ( David Keller | ) www.cnbc.com time to read: +3 min

The cup-and-handle (also known as a cup-with-handle) pattern occurs when you have a rounded basing pattern after a rally phase. Then, in December 2023, both stocks retested their July peak, which formed the cup of this pattern. If this level would fail to hold, then we'll have one more Magnificent 7 stock in a confirmed bearish phase. What concerns me most about these patterns popping up is not just that it suggests caution for these two technology stocks, which I believe it does. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: MCHP, David Keller Organizations: Nvidia Corp, Tesla Inc, Apple Inc, Apple, Technology Inc, Technology, David Keller https

☆ S&P 500's run to 5,000 masking some serious issues lurking beneath, according to the charts
▼ + stars: | 2024-02-08 | by ( David Keller | ) www.cnbc.com time to read: +3 min

This chart shows the percent of S & P 500 members above their 200-day moving average (second panel) as well as the percent of S & P 500 members above their 50-day moving average (bottom panel). Lack of breadth support So as the S & P 500 tests 5000 this week, how confident should we be about further upside for stocks? This would indicate that about 40% of the S & P 500 members had broken below their own 50-day moving average, in other words, a serious lack of breadth support. In each of these three instances, the S & P 500 moved even lower before eventually finding its footing and bouncing back higher. One key difference this time around is that the S & P 500 itself is moving higher.

Persons: David Keller Organizations: David Keller https

☆ Apple is losing momentum ahead of earnings, reducing chances of a breakout, according to the charts
▼ + stars: | 2024-02-01 | by ( David Keller | ) www.cnbc.com time to read: +4 min

Of the mega-cap growth stocks, Apple (AAPL) has certainly been a bit of a technical outlier in recent months. That downtrend in Q2 began with a gap below the 50-day moving average in early August and continued with a number of failed attempts to regain that 50-day moving average on the way down. Chart suggests exhaustion Over the last three months, Apple has basically bounced back and forth between retests of the July high of around $198 and the 200-day moving average. This bearish momentum divergence suggests exhaustion of upside momentum and leaves me skeptical of further upside here. Key levels to watch include the 200-day moving average around $182, as well as the January swing low around $180.

Persons: AAPL, I'm, we've, it's, David Keller Organizations: Apple, Nvidia, Meta, David Keller https

☆ This popular ETF that's also a barometer for the economy is in danger of breaking down
▼ + stars: | 2024-01-25 | by ( David Keller | ) www.cnbc.com time to read: +3 min

From the October 2023 low to the end of last year, the ITB soared higher, gaining over 40% in value in just two months. Interest rates moving lower certainly helped this upside momentum, with the 10-year Treasury yield dropping from 5.0% to 3.8% during this period. This is where price is moving higher, but the RSI is sloping down. ITB YTD mountain ITB, YTD Technical analysis pioneer Charles Dow taught us that an uptrend is a pattern of higher highs and higher lows. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: we're, Charles Dow, David Keller Organizations: Construction, RSI, Inc, David Keller https Locations: Horton

☆ As S&P 500 flirts with a new record, three indicators point to a pullback
▼ + stars: | 2024-01-19 | by ( David Keller | ) www.cnbc.com time to read: +4 min

After reaching the 4,700 level in mid-December, the S & P 500 has essentially been rangebound between 4,700 and 4,800. While the S & P 500 has remained rangebound, the NYSE advance-decline line (second panel) has already broken to a new swing low. The next panel shows the percentage of S & P 500 members that are trading above their 50-day moving average. Finally, we have the S & P 500 Bullish Percent Index, which reveals the percentage of S & P 500 members that are currently showing a bullish signal on their point & figure charts. I'd need to see a breakdown below S & P 500 4,450 before I'd begin to really question that thesis.

Persons: We've, I'd, David Keller Organizations: NYSE, Nasdaq, David Keller https

☆ Health-care stocks are back in favor and these 3 names could lead the rally, according to the charts
▼ + stars: | 2024-01-11 | by ( David Keller | ) www.cnbc.com time to read: +4 min

I was surprised this week to note the large number of health-care names represented on the new highs list. Here are three stocks in the health-care sector that could provide further upside potential based on their improving technical characteristics. That all changed in November, when BSX finally broke above this well-established resistance level, pushing into the upper $50s this month. From November 2022 to June 2023, AMGN dropped from around $295 to $215, shedding about 27% of its value in just seven months. With any breakouts like this one, it's important to watch the previous resistance level which often serves as price support going forward.

Persons: I've, BSX, Stryker, SYK, AMGN, David Keller Organizations: Boston, Stryker Corp, Inc, David Keller https

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