April 22, 2013 at 9:43 AM | written by Arthur Hill
It is a big week for earnings so here are CandleGlance charts for six stocks reporting today. Of interest, ACE is hitting support from broken resistance, CAT is nearing the November low, HAL remains in a falling channel and Texas Instruments is testing support.
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April 19, 2013 at 2:04 PM | written by Arthur Hill
With a sharp decline this month, the Copper ETF (JJC) entered a support zone that extends back to the 2010 lows. The ETF also become oversold as RSI dipped below 30 for the first time since September 2011. The knife, however, is still falling as long as RSI remains below 30.
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April 09, 2013 at 5:45 PM | written by Arthur Hill
Intel gave a lift to the MarketVectors Semiconductor ETF (SMH) and Semiconductor SPDR (XSD) with a 3.13% advance on the highest volume since late February. Notice how the stock formed a higher low with the late February surge and then consolidated the last five weeks. A consolidation breakout would signal a continuation higher.
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April 08, 2013 at 8:29 AM | written by Arthur Hill
After falling sharply in April and September 2011, Spot Silver ($SILVER) moved into a trading range with resistance at 36 and support at 26. Silver has touched support at least three times and is poised to test this area again. This marks an important test because a break would signal a continuation of the 2011 plunge.
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March 20, 2013 at 5:49 PM | written by Arthur Hill
The Commodity Index Fund (DBC) broke down with a sharp decline in February and then rebounded in March. This rebound was cut short when the ETF hit broken resistance and turned down on Monday-Tuesday. Last week’s highs now mark the first resistance level to watch.
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January 28, 2013 at 2:43 PM | written by Arthur Hill
The DJ US Defense Index ($DJUSDN) was hit hard the last three days and broke below the January lows. This index is now down for the year, which means it is underperforming the broader market. The indicator window shows the Percent Price Oscillator (PPO) turning lower, but remaining in positive territory for now. A move into negative territory would turn momentum bearish.
Click here to see the stocks in this index.
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January 04, 2013 at 11:13 AM | written by Arthur Hill
Microsoft (MSFT) is having a tough year already as the stock failed to clear resistance and moved sharply lower the last two days. Resistance at 27.75 stems from broken support and the November-December highs. The indicator window shows OBV moving steadily lower, which indicates continued selling pressure.
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January 03, 2013 at 6:02 AM | written by Arthur Hill
Not all stocks participated in Wednesday’s big advance. Lululemon (LULU) started strong,
but quickly succumbed to selling pressure and closed sharply lower. With a strong open
and weak close, a bearish engulfing pattern formed at resistance. Also notice that MACD
moved below its signal line last week.
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December 31, 2012 at 8:57 AM | written by Arthur Hill
The Technology SPDR (XLK) led the market in the first half of the year, but lagged the market in the second half and
underperformed the S&P 500. The technology sector accounts for over 19% of the S&P 500 ETF (SPY) and is by far the biggest sector. Lack of leadership from this key sector is a concern as we head into 2013. The chart below shows XLK breaking the August 2011 trend line and this break-zone turning into resistance in the 29-29.5 area. This zone marks clear resistance because the ETF failed to hold above 29 at least five times in the last nine weeks. Note that XLK formed a bearish engulfing the first week of December and a black candlestick last week. The base case scenario is for a continuation lower with the next support zone in the 26 area. A break above 29.50 is needed to change this bearish prognosis.
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December 07, 2012 at 8:46 AM | written by Arthur Hill
Apple (AAPL) tested its mid November low and long-term support with a dip below 520 on Thursday. Support in the 520 area extends back to the May low. Notice how the stock forged an intraday reversal for the second time in two months. Also notice that volume exceeded 40 million shares.
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