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StockCharts Blogs - Don't Ignore This Chart! |
Chaikin Money Flow for Apple (AAPL) has been positive from mid July to late September. There was a brief dip into negative territory last week, but Chaikin Money Flow recovered on Monday. Nevertheless, the 5-day SMA of the indicator is perilously close to turning negative for the time since July.
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Autozone (AZO) is setting up rather bearishly in a bear flag formation. Divergences on the MACD within the retail space are weak at best and AZO has been a relative underperformer with its MACD unable to climb above the centerline, one of the few stocks having that difficulty. Watch the volume because if the bear flag breaks to the downside on increasing volume, the resulting losses measure substantially lower.
- Tom Bowley, InvestedCentral.com
This long-term PnF chart for Activision extends back to 2003 when the stock was trading in the low single digits. After rising above 19, the stock went into corrective mode in 2008 and broke out in 2009. With the May-June (5-6 on the chart) breakout, ATVI has a bullish price objective of 22.5.
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Since early July, the Shanghai Composite ($SSEC) and the Nikkei 225 ($NIKK) have been lagging western European stock markets and the US. The PerfChart below shows the Shanghai Composite is actually down since July and the Nikkei is barely positive. In contrast, the US and western European indices are up over 15%.
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Bollinger Bands have been contracting as Intel (INTC) consolidates over the last few weeks. The theory behind Bollinger Bands is that volatility contractions often give way to volatility expansions. Look for a range break to trigger the next directional signal.
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The bears were given something to chew on with an outside reversal day for SPY. First, a reversal formed when Wednesday’s high was above Tuesday’s high and Wednesday’s close was below Tuesday’s close. Second, an outside day occurred because Wednesday’s high was above Tuesday’s high and Wednesday’s low was below Tuesday’s low.
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The predefined scan page provides a quick glimpse of underlying strength or weakness in the stock market. At the top of this page, new 52-week highs are comfortably outpacing new 52-week lows. Click the number (129 Nasdaq and 163 NYSE) to see a list of market leading stocks.
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Broken support turns into resistance. This basic tenet of technical analysis will be getting a test as the Nasdaq 100 ETF (QQQQ) reached broken support. For now, I would consider this “potential” resistance because the trend since March is clearly up.
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The Consumer Discretionary SPDR (XLY) surged over 10% this month and then stalled with two doji at the end of last week. These candlesticks signal indecision that can foreshadow a short-term pullback. Also notice that 14-day RSI moved above 70 to become overbought for the first time since early August.
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The Rydex Mutual Funds Market Carpet focuses on the 17 sector funds. September is all about hard assets. The leading sector funds are precious metals, energy services, basic materials and energy. Consumer produces, utilities and healthcare show the smallest gains.
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This blog contains charts that we think are 'interesting' from a technical analysis perspective. These charts are presented for educational purposes only. We are not making any buy or sell recommendations here. Terms of Service
