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Technical Analysis – US 30 cash index fails at 34,280 again; bearish pressure rises

Posted on June 15, 2023 at 7:53 am GMT

The US 30 cash index is edging lower today after failing again to close above the December 2, 2022 downward trendline and the 34,280 level. The bears appear determined to defend this area, hoping that they can take advantage of any exhaustion signs appearing on the bulls’ side. With the Average Directional Movement Index (ADX) hovering around its 25-threshold and signaling a range-trading market, the bears are betting on the stochastic oscillator for the much-awaited bearish signal. Indeed, this indicator is trading [..]

Technical Analysis – UK 100 cash index back inside a key range

Posted on June 14, 2023 at 1:13 pm GMT

The UK 100 cash index has tentatively returned inside its 7,601-7,687 rectangle that acted as strong resistance during the January-December 2022 period. The index has been trading mostly sideways over the past few sessions despite the fact other developed stock market indices have been recording higher highs for 2023. Despite the considerable white space, a tentative symmetrical triangle is gradually forming. This is an indication of market participants staying on the sidelines ahead of the key events in the UK [..]

Technical Analysis – JPMorgan Chase just below 2023 high but the upleg lacks momentum

Posted on June 14, 2023 at 10:50 am GMT

JPMorgan (JPM) stock has almost erased the mid-March drop as it is currently hovering around the 142 area, not far from the 2023 high of 144.21. It has been a difficult rally from the March lows, with the 141.01 level proving a noteworthy resistance area and the March 23,2023 upward sloping trendline acting as strong support. The interesting fact is that the latest upleg has occurred with the Average Directional Movement index (ADX) pointing to a trendless market as it remains stuck [..]

Technical Analysis – Boeing rally could have legs if key levels are broken

Posted on June 13, 2023 at 2:11 pm GMT

Boeing has managed to record a new 2023 high, just above the February 14, 2023 high of 221.01. The most recent move appears to be a product of both the convergence of the 50- and 100-day simple moving averages (SMAs) and the symmetrical triangle, which has formed over the past three months. Actually, the stock is on an aggressive bullish long-term trend and it is currently 85% higher than the October 3, 2022 low of 120.59. Disappointingly for the bulls, the Average [..]

Technical Analysis – Google slides but finds buy orders near 122.20

Posted on June 13, 2023 at 12:15 pm GMT

Google fell sharply last Wednesday, after hitting resistance at 129.40. However, the decline stopped near the 122.20 zone, where the stock found buying interest just yesterday. Overall, Google continues to trade above the tentative uptrend line drawn from the low of March 13 and also above all three of the plotted moving averages. This keeps the near-term picture positive. The RSI, although it recently exited its above-70 zone, remained above 50 and turned up again. However, the MACD, despite still [..]

Technical Analysis – US 100 cash index rally continues; how high can it go?

Posted on June 13, 2023 at 7:24 am GMT

The US 100 index has recorded a new 2023 high and it is currently hovering around the highest level since April 6, 2022. The rally since the March 13, 2023 low has been almost exponential, but similar to the increases seen in other stock indices. The bears are clearly hoping for a correction, but their expectations have been proven false up to now. The bulls are probably feeling confident the rally will continue but some cracks have appeared at the [..]

Technical Analysis – JP225 cash index ready for higher high but overall move looks overstretched

Posted on June 12, 2023 at 12:46 pm GMT

The JP225 cash index is hovering a tad below the all-time high of 32,705 as the bulls have successfully managed to limit the bearish pressure. It has been an explosive 32% rally from the March 15, 2023 low with almost no corrections taking place. The move appears to be overstretched and maybe a small pullback could be welcomed by both sides. The stochastic oscillator is confirming this overstretched nature as it continues to trade at its overbought (OB) territory, hovering [..]

Tech stocks remain buoyant as VIX gets crushed – Stock Market News

Posted on June 8, 2023 at 9:52 am GMT

It’s been a fantastic year for mega-cap tech stocks, which have defied all the economic gloom to stage a stunning comeback. The risk is that this rally is approaching its ‘finale’ in an environment where valuations are stretched, earnings are stagnant, and liquidity flows are about to turn negative. Tech party News flow this year has been quite gloomy. A series of bank failures, a deepening contraction in the manufacturing sector, persistently high inflation, and rising interest rates have been [..]

Technical Analysis – US 30 cash index at inflection point

Posted on June 8, 2023 at 7:27 am GMT

The US 30 cash index is hovering around 33,518 and conforming to the recent series of lower highs. On the downside, the October 13, 2023 upward sloping trendline appears to be acting as a strong support. The US 30 index has essentially entered a range-trading phase as market participants are trying to figure out their next move, especially as other US stock indices rally aggressively. With the Average Directional Movement Index (ADX) confirming this trendless market and the RSI trading almost at [..]

Technical Analysis – Micron’s upward breakout in danger

Posted on June 7, 2023 at 2:14 pm GMT

Micron is hovering around the 67.41 level as the bears are trying to limit their losses from the May 24 upward breakout. This is the first serious upward breakout from the rectangle that has been dictating price action since June 2022. However, the upleg halted at the 50% Fibonacci retracement of the January 5, 2022 – September 23, 2022 downtrend at 73.31, prompting the current correction. Bears would love for the correction to continue but the momentum indicators are mixed in this [..]

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