Shares of the big data company are having trouble recapturing a key support-turned-resistance level. Here’s a link to my analysis published on The Street this morning.
I may be hallucinating but there appear to be signs of technical deterioration on the Amazon (AMZN) chart. Here’s a link to my article published on The Street this morning.
The 2120 support level on the S&P 500 was first tested in early September and it is currently being retested. While the level may be the same, there are some noticeable differences in the price action between the two tests.
In September the dark or bearish marabozu candles were countered by white marabozu candles, and in the process a bullish morningstar reversal pattern formed. In contrast the recent price action above the support line has been characterized by narrow opening and closing range candles and a high and low shadow set of candles that suggest indecision and do not instill confidence in the current basing process.
Recent consolidating price action is is setting up a good risk/reward trading opportunity. Here’s the link to my article published on The Street this morning.
The S&P 500 chart is simply all about the integrity of the the 2120 level over the short to intermediate term. A break below it and the index enters a support vacuum until the 200 day moving average currently in the 2069 area, while a strong hammer reversal candle or some basing action could embolden a bounce and a potential retest of the September high level in the resistance zone.
Here’s a link to this mornings post on The Street. The disconnect between Verizon and Sprint is stunning.
Hammers on the indices, percent of stocks greater than their 50 dma very low, gold at 200 dma, dollar and oil testing resistance….time for a pause in the action.
The best performer in the semiconductor space may be a short candidate. Check out my strategy published on The Street this morning.
Todd Gordon, TradingAnalysis.com founder, goes to the charts to to explain why to sell Apple on “Fast Money” today.
The S&P 500 closed higher in Wednesday’s session but below 2140 for the second day in a row. If it continues lower the next level of support is the September low/ June high at 2120, but if that level is taken out there is little in the way of technical support until the 200 day moving average, which is currently at 2168.
The number of stocks below their 50 day moving average is near the September low reading.