Broadly talking, the U.S. benchmarks are appearing nicely technically, although amid more and more sideways late-July value motion.
Nonetheless, range-bound is bullish, in opposition to the prevailing backdrop, and the S&P 500’s intermediate-term path of least resistance continues to level larger.
Before detailing the U.S. markets’ wider view, the S&P 500’s
hourly chart highlights the previous two weeks.
As illustrated, the S&P has staged an orderly pullback from five-month highs.
The downturn punctuates a profitable check of help matching the three,200 mark.
Conversely, a acquainted overhead inflection level matches the June peak (3,233) and the 2019 shut (3,230).
Similarly, the Dow Jones Industrial Average
Still, the sideways value motion punctuates a decisive mid-July breakout, higher illustrated on the each day chart. The prevailing vary marks a bullish continuation sample.
True to latest kind, the Nasdaq Composite‘s
near-term backdrop is comparably jagged.
Nonetheless, the index has weathered a respectable pullback from final week’s file excessive (10,840).
Consider that final week’s low (10,217) intently matched help on the June peak (10,221).
Widening the view to six months provides perspective.
On this wider view, the Nasdaq has whipsawed of late close to file highs.
Recall that final week’s shut marked simply the second shut below the 20-day transferring common, at the moment 10,462, since April 3.
Still, the index has maintained the extra necessary breakout level (10,131), an space adopted by the ascending 50-day transferring common.
Delving deeper, probably last-ditch help matches the February peak (9,838). The Nasdaq’s intermediate-term bias stays bullish barring a violation.
Looking elsewhere, the Dow Jones Industrial Average continues to digest its decisive mid-July breakout. The late-month vary is a bullish continuation sample, positioning it to construct on the preliminary spike.
To reiterate, main help broadly spans from 26,236 to 26,294, ranges matching the 200-day transferring common and the June hole.
Conversely, resistance broadly spans from 27,071 to 27,102, ranges matching the July and March peaks.
Separately, discover the pending golden cross — or bullish 50-day/200-day transferring common crossover — an occasion that may probably sign subsequent week.
Meanwhile, the S&P 500 has pulled in modestly from the July peak.
The downturn has been underpinned by the three,200 mark, a degree higher illustrated on the hourly chart.
The larger image
Collectively, the bigger-picture technicals stay constructive, although the prevailing backdrop shouldn’t be one-size-fits all.
On a headline foundation, the S&P 500 and Dow industrials are digesting early-July breakouts, whereas the Nasdaq Composite continues to whipsaw close to file territory.
Amid the cross currents, every benchmark’s intermediate-term bias stays bullish.
Moving to the small-caps, the iShares Russell 2000 ETF stays in flatlining mode, digesting a decisive break atop the 200-day transferring common.
The preliminary strong-volume spike marked a two customary deviation breakout, and has been punctuated by a tight vary amid decreased quantity. Bullish value motion.
Meanwhile, the SPDR S&P MidCap 400 ETF has additionally sustained a modest break atop the 200-day transferring common.
Combined, the small- and mid-cap benchmarks are rising from help intently matching the 50-day transferring common.
Looking elsewhere, the SPDR Trust S&P 500 has pulled in from five-month highs.
The downturn locations it below the breakout level — the 323.20-to-323.40 space — detailed repeatedly.
Tuesday’s early session excessive (323.20) matched resistance to the decimal. A retest stays underway.
Placing a finer level on the S&P 500, the index continues to act nicely within the broad sweep.
The prevailing downturn from five-month highs has been orderly, underpinned by the three,200 mark. Friday’s session low (3,200.05) matched the spherical quantity, an space that has supplied help throughout 9 straight classes.
More broadly, the 50-day transferring common, at the moment 3,119, intently matches hole help (3,123), an space additionally detailed on the hourly chart.
This is adopted by the late-June low (2,999.7) matching the three,000 mark. An eventual shut below this space would mark a “lower low” — mixed with a violation of the 50-day — elevating a warning flag.
Delving deeper, the late-2019 breakout level (2,954) and June low (2,965) proceed to mark probably last-ditch help.
Collectively, the S&P 500’s intermediate-term bias stays bullish barring a violation of the areas detailed. An orderly late-July consolidation part stays underway.
Also see: Charting a bull-flag breakout, S&P 500 extends rally as volatility recedes.
Tuesday’s Watch List
The charts beneath element names which are technically nicely positioned. These are radar display screen names — sectors or shares poised to transfer within the close to time period. For the unique feedback on the shares beneath, see The Technical Indicator Library.
Drilling down additional, the VanEck Vectors Semiconductor ETF
continues to development larger, rising to tag a nominal all-time excessive.
The prevailing upturn punctuates a profitable check of trendline help.
Delving deeper, a firmer flooring matches the breakout level (153.50), an space intently adopted by the ascending 50-day transferring common. The prevailing rally try is unbroken barring a violation.
Separately, contemplate that the group has already barely surpassed its intermediate-term goal, circa 164, detailed beforehand. (See the July 7 evaluate.)
Looking elsewhere, the SPDR S&P Mining and Metals ETF is displaying indicators of life technically. (Yield = 1.9%.)
As illustrated, the group has edged atop the 200-day transferring common, a degree that capped the February and June peaks. The slight breakout raises the flag to a potential major development shift.
Still, a retest of the June peak (23.87) stays underway. An eventual shut larger would mark a “higher high” — mixed with the break atop the 200-day — extra firmly signaling a development shift.
Conversely, the prevailing upturn originates from trendline help intently monitoring the 50-day transferring common. A sustained posture atop the trendline indicators a bullish bias.
Beyond the U.S., the iShares MSCI South Korea ETF is urgent five-month highs. (Yield = 2.3%.)
The prevailing upturn comes from a tight July vary — a coiled spring — laying the groundwork for a probably decisive breakout.
Separately, discover the latest golden cross — or bullish 50-day/200-day transferring common crossover — signaling that the intermediate-term uptrend has overtaken the longer-term development. A near-term goal initiatives to the 62.50 space on follow-through.
Initially profiled April 14, Netflix, Inc.
has returned 19.8% and stays nicely positioned.
As illustrated, the shares have pulled in from file highs, pressured after the corporate’s quarterly outcomes, launched two weeks in the past.
The downturn locations the shares at a gorgeous entry close to the breakout level, circa 468.00, and 16.0% below the July peak.
Tactically, the ascending 50-day transferring common has marked an inflection level, and is adopted by the previous vary high, circa 450. A sustained posture larger indicators a bullish bias.
More broadly, Netflix can also be nicely positioned on the three-year chart, digesting a decisive early-2020 breakout.
Finally, HCA Healthcare, Inc.
is a large-cap healthcare providers supplier.
Technically, the shares have just lately knifed atop trendline resistance, rising after the corporate’s second-quarter outcomes. The strong-volume spike locations the shares at four-month highs, and atop the 200-day transferring common.
Underlying the upturn, its relative energy index (not illustrated) has registered two-year highs, bettering the probabilities of upside follow-through.
Tactically, the 200-day is intently adopted by the breakout level, circa 118.00. The prevailing rally try is unbroken barring a violation.
Still nicely positioned
The desk beneath contains names just lately profiled in The Technical Indicator that stay nicely positioned. For the unique feedback, see The Technical Indicator Library.
|Company||Symbol* (Click image for chart.)||Date Profiled|
|Toll Brothers, Inc.||TOL||July 27|
|Landstar System, Inc.||LSTR||July 27|
|HP, Inc.||HPQ||July 24|
|Advanced Micro Devices, Inc.||AMD||July 23|
|Vulcan Materials Co.||VMC||July 23|
|Best Buy Co., Inc.||BBY||July 22|
|iShares Europe ETF||IEV||July 21|
|Sonos, Inc.||SONO||July 21|
|Fastenal Co.||FAST||July 21|
|Materials Select Sector SPDR||XLB||July 20|
|Caterpillar, Inc.||CAT||July 20|
|Monster Beverage Corp.||MNST||July 20|
|Palo Alto Networks, Inc.||PANW||July 20|
|iShares U.S. Home Construction ETF||ITB||July 17|
|Progressive Corp.||PGR||July 17|
|Livongo Health, Inc.||LVGO||July 17|
|Roku, Inc.||ROKU||July 16|
|Catalent, Inc.||CTLT||July 16|
|Cognizant Technology Solutions, Inc.||CTSH||July 16|
|Health Care Select Sector SPDR||XLV||July 16|
|Consumer Staples Select Sector SPDR||XLP||July 15|
|Home Depot, Inc.||HD||July 15|
|Costco Wholesale Corp.||COST||July 15|
|Kirkland Lake Gold, Ltd.||KL||July 15|
|MaxLinear, Inc.||MXL||July 14|
|Air Products & Chemicals, Inc.||APD||July 14|
|Consumer Discretionary Select Sector SPDR||XLY||July 13|
|Alphabet, Inc.||GOOGL||July 13|
|Sony Corp.||SNE||July 13|
|Eldorado Gold Corp.||EGO||July 13|
|SunPower Corp.||SPWR||July 13|
|Ceridian HCM Holding, Inc.||CDAY||July 10|
|Neurocrine Biosciences, Inc.||NBIX||July 10|
|Amgen, Inc.||AMGN||July 9|
|Zendesk, Inc.||ZEN||July 9|
|D.R.Horton, Inc.||DHI||July 9|
|Taylor Morrison Home Corp.||TMHC||July 9|
|LGI Homes, Inc.||LGIH||July 8|
|Walmart, Inc.||WMT||July 8|
|J.B. Hunt Transport Services, Inc.||JBHT||July 8|
|Akamai Technologies, Inc.||AKAM||July 6|
|Verisk Analytics, Inc.||VRSK||July 6|
|Big Lots, Inc.||BIG||July 1|
|Tandem Diabetes Care, Inc.||TNDM||July 1|
|Boeing Co.||BA||June 30|
|Dell Technologies, Inc.||DELL||June 30|
|Zebra Technologies Corp.||ZBRA||June 30|
|Yeti Holdings, Inc.||YETI||June 25|
|Arrowhead Pharmaceuticals, Inc.||ARWR||June 25|
|Danaher Corp.||DHR||June 24|
|Hologic, Inc.||HOLX||June 23|
|First Solar, Inc.||FSLR||June 22|
|SPDR S&P Biotech ETF||XBI||June 19|
|Lowe’s Companies||LOW||June 19|
|Fiverr International, Ltd.||FVRR||June 19|
|Chegg, Inc.||CHGG||June 18|
|Fastly, Inc.||FSLY||June 18|
|Etsy, Inc.||ETSY||June 17|
|Skyworks Solutions, Inc.||SWKS||June 16|
|Lululemon Athletica, Inc.||LULU||June 16|
|Carvana Co.||CVNA||June 10|
|Williams-Sonoma, Inc.||WSM||June 9|
|HubSpot, Inc.||HUBS||June 8|
|Square, Inc.||SQ||June 8|
|United Parcel Service, Inc.||UPS||June 5|
|Micron Technology, Inc.||MU||June 5|
|Xilinx, Inc.||XLNX||June 4|
|KLA Corp.||KLAC||June 4|
|FedEx Corp.||FDX||June 3|
|SPDR S&P Retail ETF||XRT||June 3|
|ASML Holding N.V.||ASML||June 1|
|Datadog, Inc.||DDOG||June 1|
|iShares MSCI Japan ETF||EWJ||May 29|
|SolarEdge Technologies, Inc.||SEDG||May 29|
|Splunk, Inc.||SPLK||May 28|
|Microchip Technology, Inc.||MCHP||May 27|
|Synopsis, Inc.||SNPS||May 27|
|SSR Mining, Inc.||SSRM||May 27|
|Twilio, Inc.||TWLO||May 26|
|Take-Two Interactive Software, Inc.||TTWO||May 26|
|Lam Research Corp.||LRCX||May 26|
|Marvell Technology Group, Ltd.||MRVL||May 26|
|Cisco Systems, Inc.||CSCO||May 21|
|Agios Pharmaceuticals, Inc.||AGIO||May 20|
|Cree, Inc.||CREE||May 20|
|Applied Materials, Inc.||AMAT||May 19|
|Alteryx, Inc.||AYX||May 18|
|iShares Silver Trust||SLV||May 15|
|Agnico Eagle Mines, Ltd.||AEM||May 15|
|Agilent Technologies, Inc.||A||May 15|
|Halozyme Therapeutics, Inc.||HALO||May 15|
|Wix.com, Ltd.||WIX||May 13|
|Extreme Networks, Inc.||EXTR||May 13|
|Qualcomm, Inc.||QCOM||May 12|
|Zynga, Inc.||ZNGA||May 12|
|Kinross Gold Corp.||KGC||May 11|
|Avalara, Inc.||AVLR||May 8|
|Salesforce.com, Inc.||CRM||May 8|
|Facebook, Inc.||FB||May 7|
|Spotify Technology S.A.||SPOT||May 5|
|CrowdStrike Holdings, Inc.||CRWD||May 4|
|Inphi Corp.||IPHI||Apr. 29|
|Qorvo, Inc.||QRVO||Apr. 29|
|Old Dominion Freight Line, Inc.||ODFL||Apr. 29|
|Dollar General Corp.||DG||Apr. 28|
|AngloGold Ashanti Ltd.||AU||Apr. 28|
|Cadence Design Systems, Inc.||CDNS||Apr. 27|
|ServiceNow, Inc.||NOW||Apr. 27|
|Five9, Inc.||FIVN||Apr. 24|
|Chewy, Inc.||CHWY||Apr. 24|
|Tesla, Inc.||TSLA||Apr. 23|
|Shopify, Inc.||SHOP||Apr. 23|
|iShares Nasdaq Biotechnology ETF||IBB||Apr. 21|
|Teradyne, Inc.||TER||Apr. 20|
|Electronic Arts, Inc.||EA||Apr. 20|
|VanEck Vectors Semiconductor ETF||SMH||Apr. 17|
|Coupa Software, Inc.||COUP||Apr. 17|
|Veeva Systems, Inc.||VEEV||Apr. 17|
|American Tower Corp.||AMT||Apr. 17|
|Okta, Inc.||OKTA||Apr. 16|
|Target Corp.||TGT||Apr. 16|
|Netflix, Inc.||NFLX||Apr. 14|
|VanEck Vectors Gold Miners ETF||GDX||Apr. 14|
|Invesco QQQ Trust||QQQ||Apr. 14|
|Ciena Corp.||CIEN||Apr. 6|
|Seattle Genetics, Inc.||SGEN||Apr. 6|
|DocuSign, Inc.||DOCU||Apr. 3|
|Zscaler, Inc.||ZS||Apr. 3|
|RingCentral, Inc.||RNG||Mar. 30|
|Activision Blizzard, Inc.||ATVI||Mar. 30|
|Regeneron Pharmaceuticals, Inc.||REGN||Mar. 30|
|Apple, Inc.||AAPL||Mar. 27|
|Nvidia Corp.||NVDA||Mar. 27|
|Dexcom, Inc.||DXCM||Mar. 27|
|Amazon.com, Inc.||AMZN||Mar. 26|
|Stamps.com, Inc.||STMP||Mar. 26|
|Quidel Corp.||QDEL||Mar. 26|
|Domino’s Pizza, Inc.||DPZ||Mar. 20|
|Kroger Co.||KR||Mar. 19|
|Zoom Video Communications, Inc.||ZM||Mar. 19|
|iShares MSCI Emerging Markets ETF||EEM||Mar. 19|
|Newmont Corp.||NEM||Jan. 13|
|Atlassian Corp.||TEAM||Jan. 7|
|SPDR Gold Shares ETF||GLD||Jan. 2|
|Teledoc Health, Inc.||TDOC||Nov. 1|
|Microsoft Corp.||MSFT||Feb. 22|
|* Click every image for present chart.|