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Analysis from 16-Nov-2023: Zweig Breadth Thrust
The S&P 1500 Zweig Breadth Thrust (ZBT1500) is the active signal for the broader market. As the chart below shows, this signal triggered on November 3rd and SPY followed through with a surge above the upper line of the Keltner Channel. The middle line is the 125-day EMA and the channel lines are 2 ATR(125) values above and below. The 5-day SMA crossed above the upper Keltner line and this is also a bullish trend signal.
13-Nov-2023: QQQ Continues to Lead
QQQ hit a new high in July and then retraced around a third with a falling channel. Overall, the retracement amount and pattern are typical for corrections within a bigger uptrend. Thus, the breakout signals a continuation higher. There are clear swings within the channel and the current swing is up. The short green lines mark short-term support levels with current support set at 370. A strong breakout should hold and this is the first level to watch for signs of cold feet.
27-Nov-2023: Palo Alto Breaks out of Consolidation
Palo Alto is part of the red hot cybersecurity group. The stock recorded a 52-week high in June and then corrected hard into August. PANW then forged an island reversal and surged to a new high in October. The stock moved into a consolidation in November and the overall pattern looks like a flag. PANW is attempting a breakout and another new high. A breakout would signal a continuation of the October advance. I would mark support at the October-November lows.
27-Nov-2023: Global Pay Surges and Consolidates
Global Payments (GPN) is very volatile, but evidence is building to support a long-term trend reversal. First, the stock broke double bottom resistance with a massive summer surge. Second, GPN hit 52-week highs in August and September. Volatility reared its ugly head as the stock fell back below its 200-day SMA in October. Despite a deep decline, the falling channel could be a deep correction after the June-September surge. GPN is now attempting a breakout with the November surge. The stock formed a small triangle after this surge and a breakout at 114 would be bullish.
13-Dec-2023: Merck Bids to Reverse Downtrend
Big pharma stocks are laggards here in 2023 with many showing losses year-to-date. Merck (MRK) is down 3.5% this year. The chart below shows weekly bars with a falling channel since May. This channel retraced 33-50 percent of the prior 41% advance. The stock did not make it to the support-reversal zone marked by broken resistance and the 67% retracement line (blue shading). Instead, MRK firmed above this zone the last two months and broke the upper line of the falling channel. This is the first step to ending the correction and signals a continuation of the prior advance.
Bonus for StockCharts members! Subscribe to TrendInvestorPro and get the Essential Breadth Indicator ChartList. This list has over 100 custom breadth charts organized in a logical top-down. There is also an accompanying report and video explaining the indicators and signals.
14-Dec-2023: Video from Report
- RSI for the S&P 500 SPDR Exceeds 75
- SPY and QQQ Surge on top of the Surge
- Trade Management Ideas
- DRIV Follows Through on Breakout
- Cisco Holds Breakout
- Tyler Technologies Forms Bull Flag
- Merck Bids to Reverse Downtrend
- Gilead Starts a New Uptrend
- Pfizer Hits Long-term Support Zone