- Posted by Greg Harmon on November 23rd, 2014 at 4:17 pm
Here are the Rest of the Top 10:
Citigroup, Ticker: $C
Citigroup, $C, has been rounding out of a bottoming pattern since May. It is reached 54.12 in September before the market sell off and is now consolidating under that resistance again. The RSI is in the bullish zone but moving lower along with the MACD.
Norfolk Southern, Ticker: $NSC
Norfolk Southern, $NSC, has been trending higher all year. Since a visit at the 100 day SMA in mid October at the market bottom, it has moved higher in two legs and is currently in a bull flag. The RSI is in the bullish zone and the MACD is pulling back, but has not yet crossed.
Starbucks, Ticker: $SBUX
Starbucks, $SBUX, is at trend resistance for the third time and coming from a higher low. The RSI is bullish and the MACD avoided a cross down and turned back higher Friday.
State Street, Ticker: $STT
State Street, $STT, has been trending higher since May, outside of that little ‘V’ shaped dip in October. In fact stick your thumb over the dip and you do not even notice a break. Friday it started higher again with a RSI that turned back up after holding strongly in the bullish zone and a MACD that is leveling after a pullback.
Toyota Motor, Ticker: $TM
Toyota Motor, $TM, is also at trend resistance. It arrives from a third higher low. The RSI is in the bullish zone and drifting up while the MACD avoided a cross down and is now flat.
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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which, heading into the shortened Thanksgiving Holiday week sees the equity markets looking solid longer term but a bit stretched in the short term. Elsewhere markets all are looking better to the upside. Look for Gold to continue the bounce higher while Crude Oil may join it as it is also biased to the upside short term. The US Dollar Index looks ready to resume its uptrend while US Treasuries round out of a short term pullback and continue up as well. The Shanghai Composite looks to continue its uptrend and Emerging Markets may also be reversing higher. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts continue to show divergence as the SPY and QQQ look higher in the intermediate term while the IWM continues sideways in a range. All three look at risk of a short term pullback this week, even if only Monday. Use this information as you prepare for the coming week and trad’em well.
SPY Trends and Influencers November 22, 2014
Posted by Greg Harmon on November 22nd, 2014 at 11:34 am
A weekly excerpt from the Macro Review analysis sent to subscribers on 10 markets and two timeframes. Last week’s review of the macro market indicators […]
Wheat for Breakfast
Posted by Greg Harmon on November 21st, 2014 at 8:00 am
The chart for wheat has looked like many commodity charts lately. Promising but in the end not delivering. Maybe it is the weather interfering with […]
Watching the Cup and Handle in Hewlett-Packard
Posted by Greg Harmon on November 20th, 2014 at 3:00 pm
It seems that CEO Meg Whitman must be a tea drinker. I say this because when I look at the weekly chart of the stock […]
Spotting Sharks in Corn & Oil
Posted by Greg Harmon on November 20th, 2014 at 7:50 am
The sight of sharks in a corn field brings to mind the new cult movie Sharknado. How else but in fun fiction could a Shark […]
Positioning to Buy Disney on a Dip
Posted by Greg Harmon on November 19th, 2014 at 3:25 pm
Seems like every other day the market makes a new high, but with some kind of divergence or lack of breadth. Something that causes a […]
The Dollar Is Recuperating
Posted by Greg Harmon on November 19th, 2014 at 7:50 am
A couple of weeks ago it looked like the US Dollar Index ($UUP) was ready to move up and continue its trend higher. I called […]
Deckers Outdoor, a Chart with Some Much Goodness
Posted by Greg Harmon on November 18th, 2014 at 2:18 pm
Start off with the world’s best quarterback selling your slippers and maybe you do not need anymore. But the chart of Decker’s Outdoor, $DECK, maker […]
Updating the SOX: Pausing Where You’d Expect, Move Along
Posted by Greg Harmon on November 18th, 2014 at 7:44 am
In September I took a look at the Philadelphia Semiconductor Index, SOX ($SOXX). Back then I noted that nested Inverse Head and Shoulder patterns could […]
Market Pro Gartley: Short Dupont
Posted by Greg Harmon on November 17th, 2014 at 2:44 pm
It is not often in a bull market when a strong bearish call gets made. Well actually that is not true. Market pundits have been […]
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
- Top Trade Ideas for the Week of November 24, 2014: The Rest
- Top Trade Ideas for the Week of November 24, 2014: The Rest Premium
- Top Trade Ideas for the Week of November 24, 2014: The Best
- SPY Trends and Influencers November 22, 2014
- Macro Week in Review/Preview November 21, 2014
- Wheat for Breakfast
- Watching the Cup and Handle in Hewlett-Packard
- Premium Earnings 11-20-14
- Spotting Sharks in Corn & Oil
- Positioning to Buy Disney on a Dip