Don't Ignore This Chart

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About this blog: The blog contains daily articles with intriguing or unusual charts selected by one of our Senior Technical Analysts, along with a short explanation of what exactly caught their attention and why they believe the chart is worth noting.

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Don't Ignore This Chart

Is China About To Pick Up The Pace Again?

by Julius de Kempenaer

Yesterday, I wrote about the relationship of US stocks against other international stock markets in my regular RRG Charts article. The Relative Rotation Graph that I use for these analyses is one of the pre-defined groups and is shown above. While working on that article, I noted the long tail and the hook down on the Chinese market index $SSEC. Afterwards, I decided to make that chart today's chart to not be ignored. Resting At Support Levels Near 50% Retracement The Chinese Read More 

Don't Ignore This Chart

A Medical Device Stock with Strong Volume Trends

by Arthur Hill

An existing uptrend and short-term breakout on high volume point to higher prices for Boston Scientific. The chart below show BSX hitting a new high in early March and then falling rather sharply into mid April. A volume spike punctuates the plunge below 35 and this looks like a selling climax that washed out most the sellers. The stock then recovered with a move back above its rising 200-day SMA and I think the long-term uptrend remains intact. Short-term, the stock moved above its 200-day in late April and then corrected into mid May with a Read More 

Don't Ignore This Chart

Could GoPro Go? Yes It Could Go! GPRO

by Greg Schnell

GoPro (GPRO) is a classic IPO that initially traded with a lot of hype before ultimately losing its mojo. The stock IPO'd almost 5 years ago and has been in a big slide ever since. However, there's now a big reason for you to put GPRO on your radar, which is that the stock actually made new 52-week highs in May - the first time that has happened in its life! Is the GoPro finally ready to run?  The SCTR for GPRO has just pushed to its highest level since shortly after its IPO, which suggests excellent price strength. Due to the big Read More 

Don't Ignore This Chart

A Momentum Break for Ross Stores

by Arthur Hill

Ross Stores (ROST) recently bounced off its rising 200-day SMA with a bullish candlestick pattern and short-term RSI broke to its highest level of the month. It looks like the short-term pullback is ending and the bigger uptrend is resuming. ROST plunged in November-December with a sharp decline below the 200-day SMA. This plunged caused the 200-day to flatten in December, but it never really turned down. ROST quickly rebounded in January with a move back above the 200-day and the 200-day is back on the rise. Short-term, the stock edged lower Read More 

Don't Ignore This Chart

Walmart Fires Up The Jet $WMT

by Greg Schnell

A few years ago, Walmart bought Jet.com, an online retailer. It was a big purchase of an unprofitable retailer, but the expertise of the online platform management was part of the action. On that note, Walmart reported strong earnings numbers yesterday above street expectations, crediting their online initiative for the growth. (The revenues were a touch light.) Walmart has allowed the online unit to really get rolling, which bodes well for management as acquisitions can die in large companies. I guess you could say they fired up the jet! But can it lift the stock to new Read More 

Don't Ignore This Chart

Will this break in IEF be able to hold up?

by Julius de Kempenaer

Browsing some Relative Rotation Graphs, the relationship between Stocks and Bonds, once again, drew my attention. When I shifted to their respective charts I decided that the current price action of IEF as shown in the graph above deserves our, or at least my, attention. This ETF that tracks the performance of 7-10 year Treasury bonds broke above an important horizontal resistance level at 106.50 three days ago. It then hovered above that breakout level the day after the break and jumped to a high of 106.97 yesterday. Today IEF dropped Read More 

Don't Ignore This Chart

Is GE for Real This time?

by Arthur Hill

General Electric (GE) is one of the worst performing stocks over the last two years, but the stock is perking up in 2019 and outperforming in May. The S&P 500 is down 3.8% so far this month and GE is up 1.5% after a big surge on Tuesday. GE is trying to reverse the long-term downtrend with a move above its 200-day SMA over the last two weeks. The stock broke above this key moving average with a gap up on April 30th and is largely holding above the SMA. The moving average, however, is still falling. The chart sports a bullish reversal pattern Read More 

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Is This Defense Stock Preparing For Take Off?

by Greg Schnell

In a market with 240-point swings based on 240-character tweets, it can be pretty hard to pick a direction. While the market churns through this current trade debate, we have a few more such debates on tap with Europe and Japan. As car tariffs with Europe could potentially start this weekend, the uncertainty looks set to continue.  With all this going on, it makes sense to try insulating our portfolios with some stocks that might not be trade-related. One suggestion might be the defense stocks. While the market has pulled back from May Read More 

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AMD Holds Up Well with Semiconductor Group

by Arthur Hill

The S&P 500 was down 2% last week and the Nasdaq fell 3%. Stocks that gained on the week showed relative and absolute strength. Stocks that fell less than 2% showed relative strength. The average semiconductor stock within the S&P 1500 was down 5% last week with only 3 of 46 closing higher. AMD did not close higher, but it fell less than 1% and held up much better than the group as a whole. DIOD and QRVO also held up well and have interesting charts. The table below shows the top 12 peforming semiconductor stocks last week. Only three were up and nine were down.  Read More 

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Aflac Is Unflappable $AFL

by Greg Schnell

With all the news this week regarding trade, some stocks just quietly fly under the radar. This week, it was Aflac (AFL). While the market made lower lows almost every day this week, Aflac made its lows on Monday and its high on Friday. I like seeing that relative strength. The SCTR suggests AFL is a top performer, moving above 75. While Aflac usually performs in line with the $SPX, it recently pushed up in relative strength. If the market needs more time to be defensive here, this chart looks like a stable theme. I like seeing the PPO momentum indicator turning up after bouncing Read More 

Don't Ignore This Chart

Strong Rotation For AXP on RRG vs DJ Industrials

by Julius de Kempenaer

Watching the Relative Rotation Graph for the DJ-Industrials universe, you can see a few stocks, like AAPL, BA and WBA, that stand out immediately. Despite the current setback in the market, there are still some stocks that are worth approaching from a buyer's perspective. Inside The Leading Quadrant and At Strong Heading One of these positive exceptions is AXP. You need to zoom in on the RRG to find it, as the area around the center of the chart is a bit crowded.  The best way to do that, IMHO, is to click "fit" to make the RRG use Read More 

Don't Ignore This Chart

Micron Fails at Break Zone

by Arthur Hill

A basic concept of technical analysis is that broken support turns into future resistance. This concept is proving true for Micron (MU) as it returned to broken support in April and backed off the last two weeks. The chart shows MU breaking down with a support break in September and further weakness into late December. The stock recorded a 52-week low near 30 in late December and then rebounded to the 45 area by April. Even though a 50% advance off the lows is impressive, it retraced less than 50% of the prior decline and met resistance near broken support (blue zone). Also notice that Read More 

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