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« July 2012 | September 2012 »

Nasdaq Summation Index Struggles at Zero Line

The Nasdaq Summation Index ($NASI) rebounded in July and then hit resistance near the zero line in July-August. The indicator is still moving higher because it is above its 10-day EMA. A break below this EMA would signal a downturn and be bearish for Nasdaq breadth.

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Monsanto and Corn Moving Step-for-Step

The chart below shows Monsanto (MON) with black candlesticks and the Corn ETF ($CORN) as a red dashed line. Notice how these two fell together in April and early May, and then surged together in June and July. The Correlation Coefficient confirms this relationship with a positive reading since mid June.

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October Sugar Bounces off Support as StochRSI Surges

October Sugar fell sharply the last five weeks, but found support near the June lows and surged on Tuesday. The indicator window shows StochRSI moving below .20 it late July and remaining below .50 as the downtrend extended into late August. The surge above .80 shows an upside momentum thrust.

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Internet and Electronic Office Equipment Lead Tech Sector

Browsing through the technology sector via the sector summary reveals relative strength coming from the internet ($DJUSNS) and electronic office equipment ($DJUSOE) groups. Baidu (BIDU) is up for internet and Xerox (XRX) is leading office equipment.

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Procter & Gamble Hits New High to Lead Consumer Staples

Procter & Gamble (PG), the biggest component in the Consumer Staples SPDR (XLP), surged above pennant resistance and recorded a 52-week high on Monday. The stock is medium-term overbought after a huge advance the last 10 weeks, but remains in a clear uptrend with first support at 66.

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StockCharts Technical Rank Hits 2012 Low for Intel

Index was hit hard over the last three days and is poised to test its May-June-July lows. The price relative and SCTR were hit even harder as both broke below their July lows. These two confirm relative weakness in this key semiconductor stock. With an SCTR score of 19.3, Intel is currently in the bottom 20% of S&P 500 stocks for performance. 

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CRB Index Breaks above 200-day Day SMA

The CRB Index ($CRB) is breaking above its 200-day moving average after two failed attempts. Since first breaking below the 200-day in August 2011, this level marked resistance in early September and late February. With this week’s move above 305, the index broke the 200-day and exceeded the April 2011 trend line.

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Dell and HP Weigh on Techs in Sector Carpet

The S&P Sector Carpet is tilting towards the red (decliners) as Dell, Hewlett Packard and Lexmark weigh. Some of this weakness is being offset by strength in Ebay, Apple and Sandisk. Chartists can click on the squares to see the individual chart in the right corner.

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Our Biggest Facebook Chart Ever! $FB

These things are proving popular.  Here's Facebook in all of its 2500-pixel glory. Hourly bars going back to the IPO with "Volume by Price" histogram bars coming in from the left edge.

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Remember to click the chart twice to see the full-size version.

- Chip

QQQ Forms Bearish Engulfing at Resistance

With a strong open and sharp decline during the day, the Nasdaq 100 ETF (QQQ) has a bearish engulfing pattern working on Tuesday. In fact, the intraday scan for bearish engulfing patterns is quite full (165) an hour before the close. The bearish engulfing for QQQ confirms resistance and could foreshadow a short-term pullback.

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Our Largest Ever S&P 500 Chart!

Let's do this again shall we?  To compliment our popular huge Dow Industrials chart, here's a similar one for the S&P 500 going all the way back to 1925.  Enjoy!

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(Again, you may need to click on it once or twice to see it full-sized.)

- Chip

Airline ETF Surges off Support

The on-again off-again Airline ETF (FAA) surged off support with a big move on Monday. After plunging in mid July, the ETF found support and then moved above its late July high. Also notice that Aroon Up surged above Aroon Down. You can read more on Aroon in our ChartSchool.

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The Biggest Chart of the Dow We've Ever Created

Here's a quarterly chart of the Dow going back to 1900.  It's 2500 pixels wide.  You probably need to click on it once or twice to get it to expand to that size on your screen.

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Members of our new PRO service can click here for a live version.

The PPO and the Elder Impulse bars give you a good sense of the Industrials' momentum during the last 100 years.  Enjoy!

- Chip

TSX Composite Breaks 200-day SMA

The TSX Composite ($TSX) is a little late to the party, but the index found some gas this week and surged above its 200-day moving average for the first time since early May. The index also broke the March trend line and exceeded its early July high.

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Tim Horton’s Hits the P&F Triple Bottom Breakdown Scan

Even though Tim Horton’s remains in an uptrend since 2009 and above the Bullish Support Line, it recently broke triple bottom support and triggered a bearish signal on the Point & Figure chart. This breakdown points to further weakness with a price objective (PO) around 45. You can find more signals on our predefined scans page.

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Lumber Futures Surge along with Home Construction ETF

Even though the match is not perfect, there is clearly a positive relationship between Lumber Futures ($LUMBER) and the Home Construction iShares (ITB). Notice that both have been trending higher since November 2011 and both recently recorded new highs.

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F5 Networks Battles Resistance as Stochastic Oscillator Turns Down

F5 Networks (FFIV) surged to resistance in early August and then pulled back the last two days. Notice how the stock hit resistance in the 104 area twice in July and now once in August. The Stochastic Oscillator became overbought with a move above 80 and turned down with a move back below 80.

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Direct TV Breaks Neckline Resistance

Direst TV (DVT) formed an inverse head-and-shoulders pattern from April to August and broke resistance with a strong surge the last three days. While the stock is short-term overbought, this breakout is bullish and broken resistance turns into the first support zone to watch on a pullback (~50).

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Weekly Percent Price Oscillator Falls, but Remains Positive for SPY

The Percent Price Oscillator (PPO) is a momentum oscillator that fluctuates above/below the zero line. While traders use divergences and direction for signals, investors can simply abide by the positive and negative crosses. The bulls have a trend edge when PPO is positive, while the bears have an edge when the PPO is negative.

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S&P 500 Tags and Walks up the Band

The S&P 500 surged to the upper Bollinger Band on Friday and walked further up the band this week. Notice how the index “tagged” the upper band in June, July and now August. Pullbacks also held above the lower band. This is the sign of a strong uptrend. The first tag of the lower band would show a significant increase in selling pressure.

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Commodity Index Fund Breaks Pennant Resistance

With the risk-on trade taking shape the last two weeks, the Commodity Index Fund ($DBC) broke above pennant resistance to continue its July advance. The upper trend line extends down to mark first support at 27.50. A move back below this level would question the breakout and call for a reassessment.

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Consumer Discretionary Stocks Feature in Top Ten for StockCharts Technical Rank (SCTR)

The StockCharts Technical Rank (SCTR) calculates a numerical ranking for all stocks in the S&P 500. Four of the top ten stocks come from the consumer discretionary sector, which is the most economically sensitive sector. Two of the top ten come from the technology sector. StocksCharts also provides SCTR scores for the S&P MidCap 400, S&P SmallCap 600 and ETFs.

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QQQ Forms Spinning Top Candlestick with Breakout

The Nasdaq 100 ETF (QQQ) broke above resistance from the July highs and remains in an uptrend, but a spinning top formed on Friday. These candlesticks show indecision and the prior two foreshadowed pullbacks within the uptrend.

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S&P MidCap 400 SPDR Battles Triangle Resistance

The S&P MidCap 400 SPDR (MDY) continues to underperforming the S&P 500 ETF (SPY), but the ETF is showing signs of life with a surge off back above the 200-day and a challenge to triangle resistance. A breakout would be bullish and target a move to the spring highs.

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Fiserve Breaks Support after Island Reversal

Fiserve (FISV) gapped up last week, but then gapped down this week to forge an island reversal. The stock followed through with a support break at 68 and this short-term trend reversal is turning into a medium-term trend reversal.

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