Author of ADXcellence--Power Trend Strategies and Invest with Success--Big Profits for Small Investors.
Upstate New York
Joined February 2010
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The WEEKLY S&P 500 is 10% above its 50-EMA and rising to a resistance area of 4637 (April 2022 High). The 20-RSI is now 84 and in the overbought zone (above 75). Price is hitting new highs, while 4-RSI (short-term momentum) is not. Caution, this cup may be ready to form handle.
The S&P held support at its 10SMA Friday, setting up a test of the 50EMA. RSI20 fell under 25 (very weak) on the Jan low, suggesting a retest may occur after the c wave test of the 50 MA. RSI20 still weak at 39, remain cautious.
Thinking outside BOX's box--Box breaking from 5-week box (range) after new all time high in May. Entry zone $28.78 to $30.22. See Daily chart.
PayPal (PYPL) (weekly chart) completed a 50/50 High Riser, 5-wave consolidation pattern, breaking above $84.09 entry but is still in buy range.
STMicroelectrics (STM) is set to potentially breakout of 7-mon consolidation. Trigger $25.40. A bit volatile, so be patient. Reduce shares accordingly.
The Goose is loose! GOOS up +3%, adding to breakout. DQ (not Dairy Queen) is up +11% today. Both posted yesterday.
Goose Down or Goose Up? Canadian Goose (GOOS) is attempting breakout of 3-month base on weekly chart. This GOOS could fly.
DAQO New Energy (DQ) attempting weekly breakout. Beat earnings estimates May 8 report. Weekly 50/50 High Riser setup.
TNET @ $48.93 would be breakout of 5 week range if market cooperates, a Syria bombing might create volatility
S&P 500 testing down to 250 MA. Looking bearish for next several days, but support is close. Watch 2,550 level for how S&P reacts.
Floor & Decor (FND) is breaking out of weekly IPO base. Home Improvement industry, strong projected earnings going forward.
