ChartTrader – New Supports for SPY and QQQ, Mid-caps Partake, Follow-Up: IPAY and IOT,  Symbol Setups: IBB, AMGN, VRTX, STE (Premium)

We are in a bull market, but evidence is pointing to a corrective period and a correction could begin this week. Warning signs appeared over the last few weeks as fewer stocks made it back above their 20-day SMAs this month. Seasonal patterns are also

There is no change in the overall market environment. The weight of the evidence remains bullish, but the stars are aligning for a correction. SPY and QQQ are overbought. Breadth is deteriorating within the S&P 500. Small-caps and mid-caps are weak with

The weight of the evidence remains bullish, but the stars are aligning for a correction. SPY and QQQ are overbought. Breadth is deteriorating within the S&P 500. Small-caps and mid-caps are weak with MDY and IWM forging lower highs from December to February. Seasonally, February is one of the weakest months of the year.

Stocks were hit with strong selling pressure on Wednesday with dozens of ETFs gapping down and falling more than 2%. Small-caps led the way lower with the biggest declines and all sectors lost ground. The Healthcare SPDR (XLV) had the smallest loss. Tech-related ETFs

The broad market environment remains bullish with SPY and QQQ leading the way. This bull market started with the Zweig Breadth Thrust (ZBT1500) on November 3rd (green bar) and channel breakout in SPY a few days later. SPY also moved above the upper

The Technology sector, the Communication Services sector and Nasdaq 100 stocks are powering the S&P 500 SPDR higher. I am also seeing strength in the Healthcare sector. Outside

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This week’s analysis will stick with the multiple timeframe approach. Today we are featuring a biotech stock with a channel breakout on the weekly chart and a classic retracement on the daily chart. Moreover, a larger bullish reversal pattern could be forming on the daily chart.

2024 marks a new year with the same leaders. Large-caps are still stronger than mid-caps and small-caps. The Technology and Communication Services sectors are still the leading sectors. There is, however, a new leading sector this year: Healthcare.

The broad market environment remains bullish, which means we are in a bull market. There can still be corrections and pullbacks along the way. Corrections and pullbacks, however, create opportunities when the weight of the evidence remains bullish. One pullback or correction

Chartists looking to increase their odds should consider two timeframes for their analysis. The longer timeframe sets the strategic tone, while the shorter timeframe defines the trading tactics. Strategically, I am interested in stocks with long-term uptrends.

There is no change with broad market conditions, which were covered in detail on Tuesday. Today starts with a table showing the leading ETFs. These are the strong areas in the stock market right now. I am using proximity to a 52-week high and the volatility-adjusted Rate-of-Change

The broad market environment remains bullish. It all started with the Zweig Breadth Thrust and channel breakout in SPY in early November. The advance broadened in December

Tech stocks were hit with selling pressure to start the year, but many are still in long-term trends and some are nearing support-reversal zones. In particular, Apple (AAPL) fell to a support-reversal zone and I am on alert for a bounce. Let’s investigate.

Stocks are starting 2024 a bit different than the last two months of 2023. After big advances into yearend, stocks fell the first three days of the year. High-beta stocks and ETFs led the way lower with some falling more than 9% (MDB, AMD, ARKK, ARKF). These sharp three day declines