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Apple Fails to Hold Triangle Breakout

Apple (AAPL) appeared to be breaking out with a surge above triangle resistance in late March, but this breakout failed as the stock reversed in the trend line zone and broke back below 535 on Friday. Sometimes a failed signal is as value as a signal. In other words, this failed breakout is bearish until proven otherwise. The trend remains down for Apple and chartists can mark first resistance at 546.

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Gold Miners ETF Hits Critical Juncture near Two Key Moving Averages

After breaking the 200-day and 50-day moving averages with a sharp decline, the Gold Miners ETF (GDX) consolidated with a small pennant. Notice that this consolidation is occurring near the 62% retracement and early February lows. This puts GDX at a critical juncture. A break below support would signal a continuation lower and target a move to the December lows. A break back above the two moving averages would be quite positive and revive the uptrend.

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Cree Breaks Down with Expanding Volume CREE

After lagging the market and the semiconductor group this year, CREE finally succumbed to selling pressure with a triangle break the last few days. Note that the S&P 500 SPDR and Semiconductor SPDR hit new highs in March, but CREE fell well short of its January high. The triangle break signals a continuation of the January decline and targets a move to the low 50s.

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AMD Breaks Pennant Resistance

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The other charts (CSCO, DRI, EL and MRVL) can be found at Art's Charts (subsciption required)

Amazon Forms Big Spinning Top at Key Retracement



Amazon (AMZN) remains in a short-term uptrend, but the stock is nearing a potential reversal zone. First, notice that the stock broke down with high volume in late January. After some bouncing in February, AMZN mounted an advance the last four weeks and retraced around 62% of the prior decline. Second, notice that broken support is turning into resistance as a large spinning top formed last week. The 380 area is a prime suspect for a reversal zone. A move below the channel trend line would provide the first sign of weakness and a break below last week's low would fully reverse the short-term uptrend. A reversal would then call for a continuation of the January decline.

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Boeing Turns Down Right Dull

Boeing (BA) took a hit in January, rebounded in early February and then moved into a tight consolidation. Volatility has slowed to a crawl as the stock traded between 126 and 131 since February 11th. Trading volume is also slowing because Thursday's volume was the lowest of the year. The coil is tightening and chartists should watch the range boundaries for the next directional signal.

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A Rounding Bottom Takes Shape for CORN



The Corn Trust ETF (CORN) sports a rounding bottom and breakout over the last few months. The rounding bottom extends from mid November to the end of February with a big bullish engulfing in the middle. The breakout is still a work in progress as CORN stalls with a flat flag the last two weeks. A break above flag resistance would signal a continuation higher, while a break below support would question the rounding bottom.

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National Oilwell Varco and Two Others Make Big Moves in Relative Strength

The first image shows a screen shot from the StockCharts Technical Rank (SCTR) sorted by change to highlight the biggest movers. Three of these show big moves from relatively low levels (TGT,EW,NOV). Big moves mean something is happening and we should check the charts. The second image shows NOV finding support near broken resistance and breaking the November trend line.

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Chinese E-Commerce Stock Goes for a Breakout

Shares of Dangdang ($DANG) are making a big move this month with a triangle breakout on expanding volume. First, notice how the stock surged from ~4 to ~12. Second, the triangle consolidation worked off overbought conditions. Third, the high volume breakout signals a continuation of this advance. Careful with this one: low-price times internet-play times Chinese-stock equals risk cubed.

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Intel Bounces on Low Volume and Underperforms



The stock market surged over the last few weeks with the Nasdaq 100 leading the way. Intel also moved higher, but lagged as the price relative (INTC:$SPX ratio) hit a new low for the year this week. Also notice that the bounce occurred on very low volume and Intel is nearing a resistance zone from broken support.

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Google, Apple and Microsoft Power QQQ in February (video)



The CandleGlance charts show the Nasdaq 100 ETF (QQQ) and its top five components (the video shows the top ten components). It is easy to see why QQQ is so strong. Google hit a new high above 1200 today, Apple is up 10% from its January low and Microsoft hit a new high for the year. Amazon is the big laggard as a bearish pennant takes shape.

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Amazon Starts Acting like a Retail Stock (video)



Amazon (AMZN), the biggest internet retailer in the world, was immune to weakness in the retail group for most of January, but finally broke down with a break away gap. After an oversold bounce above 360, the stock is continuing lower today with a move below 350. The rising 200-day moving average and broken resistance levels mark the next major support zone around 310-320.

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Palo Alto Networks Resumes Uptrend with High Volume Signal

Network security company Palo Alto Networks is resuming its uptrend with a flag breakout on twice its average volume. PANW surged to a new high earlier this year and pulled back with a flag the last few weeks. Notice that broken resistance turned into support in the 58 area. The stock firmed with a harami on Monday-Tuesday and broke out on Thursday. This breakout signals a continuation of the bigger uptrend and projects a move to new highs.

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UPS Makes Oversold with Improving RSI Scan



After a sharp decline the last three days, the stock market was oversold and ripe for a bounce. Looking through the predefined scans page, chartists can find a great scan for this situation, such as the "oversold with an improving RSI" scan. While not every stock has a great setup, this is a good first filter. The chart below shows UPS firming at the 50% retracement and RSI moving back above 30.

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EA Surges with Breakaway Gap on Big Volume $EA

Electronic Arts (EA) came to life with its second bounce off support and a breakaway gap. This gap occurred on high volume and the stock broke above the late December high. Friday's move put EA into positive territory for the year. In addition, the StockCharts Technical Rank (SCTR) surged above its December high.

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Airlines Lead Market, but Shooting Stars Could be Forming



Stocks were under mild selling pressure early Thursday, but airlines bucked the trend with good gains and fresh highs. A look at the predefined scans page shows several airlines and two airline-related stocks making the 52-week high list today. Despite new highs and uptrends, also note that UAL, DAL, LUV and ALK are trading well below their morning highs and shooting star patterns could form. Click here for a CandleGlance chart of all six.

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A Bearish Continiation Pattern Triggers for the Oil&Gas Equip&Services SPDR



Weakness in oil continues to weigh on the Oil & Gas Equip & Services SPDR (XES) as the ETF broke flag support. The chart below shows XES hitting resistance at the 50% retracement and breaking flag support over the last three days. This signals a continuation of the prior decline and targets a move to the next support zone in the 40 area. The lower window shows the USO Oil Fund (USO) falling over 7% the last seven days. Ouch!

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Two Key Moving Averages Define the Trend for the Coal ETF

The Coal ETF (KOL) got a summer bounce, but stalled in the autumn and then hit resistance from the falling 200-day moving average. The 50-day moving average joined the battle as it met the 200-day at the end of December. With a sharp downturn the last three days, KOL appears to be resuming its long-term downtrend and heading for a test of the summer lows. The indicator window shows the StockCharts Technical Rank (SCTR) plunging back to its lows as KOL underperforms the rest of the market.

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Gold Miners ETF Challenges First Resistance



The Gold Miners ETF (GDX) remains in a downtrend overall, but the ETF is showing signs of life with a resistance challenge to start the year. Resistance in the 22-23 area stems from broken support, the August trend line and the early December high. GDX needs to clear this zone before chartists can consider this surge more than just an oversold bounce.

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A Double Wedge Break For Bank of America



Bank of America (BAC) is starting the New Year with a breakout on the price chart and surge in the StockCharts Technical Rank (SCTR). The SCTR is up over 15 points and back above 70, which made it easy to spot on the SCTR table when sorted by change. On the price chart, BAC broke wedge resistance in mid December, formed a smaller wedge and broke out again today.

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Could Copper Play Catch Up in 2014?

The Copper ETN (JJC) is poised to challenge resistance after a channel breakout this month. Notice that the ETF successfully tested the spring-summer lows with a 5+ percent bounce this month. A break above the spring-summer highs would forge a higher high and argue for the start of an uptrend. The indicator window shows Spot Copper ($COPPER) also challenging resistance. Could 2014 be the year that copper plays catch up?

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Dow Surges Above Flag Resistance with Triple Digit Move



The Dow is making a bold statement as it holds the resistance breakout from November and exceeds flag resistance. The Dow broke to new high with a move above 15700 in early November and the 15600-15700 area turns support. This level held on the throwback, which formed a falling flag. This small correction ended on Wednesday with a break above the upper trend line. The breakout at 15800 is the first level to watch for a failure.

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European Top 100 Index Breaks Channel and Underperforms



The European Top 100 Index ($EUR) broke below the lower trend line of a five month channel with a sharp decline this month. In addition, notice that the index broke below the mid November low and these breaks are holding. European stocks are also showing relative weakness as the price relative ($EUR:$SPX ratio) moves to new lows for the year.

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An Array of Patterns Takes Shape for TEVA



Teva Pharmaceuticals (TEVA) has been all over the place since early October, but two bullish patterns are taking shape and the stock could be poised for a breakout. First, the stock formed a massive island reversal with the late October gap down and the late November gap up. Second, the pattern since mid October looks like be an inverse head-and-shoulders with the red trend line marking the neckline. Notice that upside volume picked up as the stock surged above 40 in November. Short-term, a harami formed on Monday as the stock tested the gap zone. A breakout at 41 would prove bullish here.

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Facebook Challenges Key Moving Average



Facebook (FB) got a bounce over the last seven days and broke above the wedge trend line. This is the first step to ending the correction that started in mid October. The 50-day moving average is the next hurdle. A follow thru break above this moving average on good volume would be quite positive. Also notice that the price relative is just below its 50-day.

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