The U.S. dollar has been sliding, with at least three major catalysts now weighing on the greenback:
1-Better economic numbers overseas, especially Chinese GDP last week
2-No QE boost from the European Central Bank last week, or the People’s Bank of China this week
3-A key stimulus deal by EU leaders this week
Meanwhile back in the U.S., politicians are...
Facebook has lagged other big tech and FANG stocks recently. It’s up just 4 percent in the last month, less than half the gain of the Nasdaq-100 in the same period.
One reason is that it was overbought after breaking out to new highs on May 20. It then reeled on news of an advertiser boycott last month, but quickly returned to its old range above the January...
Precious metals have steadily gained in recent weeks as investors adjust to a world of weak economic growth and central-bank stimulus. Gold is the obvious commodity most people watch, but silver has been gaining momentum as well.
XAGUSD is now trying to break its 19.65 peak from last September, which was the highest level since September 2016. This follows a...
A lot of bullish things have happened on the S&P 500’s chart in recent weeks. It bounced at 3,000 and its 200-day simple moving average (SMA) twice. It’s also had a “Golden Cross,” with the 50-day SMA rising above the 200-day SMA.
But one thing it hasn’t done is BREAK OUT. The index has now gone 28 sessions without closing at a new high. It’s the longest stretch...
Big-box retailer Target has been amazingly stable for the last two months. It’s squeezed into a triangle on either side of $120, lurking below its 2019 high of $130.24.
During that time, its 50-day simple moving average (SMA) rose up and above the 200-day SMA. That kind of “Golden Cross” can signal longer-term momentum is turning more bullish.
TGT also has...
This one is short and simple: JD.com just had its first decent pullback since it started running in May.
JD has a few things going for it. First, the Beijing-based e-commerce stock spent almost all of June consolidating on either side of $60. It ripped over that level after the Independence Day weekend and has now retraced that surge. Will the old resistance zone...
Biotechnology has quietly moved up the industry rankings in the last month. We recently highlighted the long-term breakout in the iShares Nasdaq Biotechnology ETF and now its biggest holding (8% of assets) has some interesting patterns: Amgen.
AMGN broke out to new highs in late 2019 and crashed along with the rest of the market in March. It then proceeded to...
Software and e-commerce have mostly led the rally in technology and the Nasdaq. But now chips are trying to participate as earnings season approaches.
The Philadelphia Semiconductor Index broke out to new highs on Monday and has held its ground since. That may draw buyers who wanted more of a pullback but never got it.
This chart also features our Smart...
Ethereum, like Bitcoin , has been trapped in a super-tight range since the beginning of June. (See Average True Range.)
ETHUSD has faced resistance at a trendline spanning the peaks of February and June. ETHUSD tried to break it several times without success, but today may be different for two reasons.
First, MACD just turned positive.
Second, the 50-day...
As we cited yesterday, a “ weak dollar ” trend is taking shape in the currency markets. This has been accompanied by strength in commodities like copper, gold and silver.
The iShares Silver Trust (SLV) could be the most interesting today because its 50-day simple moving average (SMA) just rose above its 200-day SMA, resulting in a “Golden Cross” for the Silver...
A lot of bearish things seem to be happening with the U.S. dollar index.
First was a giant doji candlestick on the monthly chart in March. This occurred near the previous high from January 2017. A big reversal pattern at resistance is nothing to ignore.
Second was a tightening range throughout April and most of May. DXY exited that pattern to the downside and...
Everyone’s attention is focused on today’s strong jobs report, but an under-the-radar sector is breaking out: biotechnology.
The iShares Nasdaq Biotechnology Index ETF hit new 52-week highs before the rest of the Nasdaq. And it wasn’t just any old breakout. It was the first move above $130 since mid-2015: a historic push to important long-term levels.
IBB did...
Sports-betting disruptor DraftKings was one of the most explosive stocks of the second quarter, almost quadrupling at its high-water mark in early June. It then stalled for a secondary stock offering (40 million shares at $40 each) and knifed lower into some interesting support areas.
First and most important is the 50-day simple moving average (SMA). DKNG came...
Netflix was already one of the market’s leading New Economy stocks before coronavirus, and the pandemic has simply raised its status as a recession-proof growth name.
Now a few things could be lining up in its favor again. First, a rebound in coronavirus cases revives the odds of more social distancing and binge watching. Second, NFLX earnings are scheduled for...
Global stocks had a nice bounce in early June, outperforming the S&P 500 by a wide margin as the “reopening” trade took hold and the Federal Reserve kept the spigots of easy money flowing.
The MSCI Brazil ETF (EWZ) rode that wave higher at the time but has fallen flat more recently. Weakening of energy prices and a spreading coronavirus outbreak in the Latin...
Last week , we noticed how the S&P 500 was trapped inside a range from the June 16 spinning top candlestick. Prices remained within that range until Wednesday’s sharp drop, which may now create the potential for more downside.
The weekly chart has some warning signs. First, there was a bearish outside candle in the week ending June 12. That came after the Federal...
One of the biggest stories in the last month has been the breakout in the Nasdaq-100 . But the Market Vectors Semiconductor ETF has failed to join the breakout.
It’s not a surprise because chips are economically sensitive and struggle when manufacturing slows. That’s happened now.
SMH’s lack of breakout shows weak relative strength and fundamentals. That could...
Stocks fell hard after the June 10 Federal Reserve meeting. The S&P 500 bounced after holding 3,000, and some interesting changes have occurred amid the volatility.
Simply put, money is rotating back to “growth” and away from “value.” Recent weeks saw a big surge of interest in beaten-down “reopening” stocks like airlines, banks, industrials, energy. But now it’s...
