Trader. Nature Lover. Chart enthusiast.
Head of Technical Research & Strategy
@SchwabResearch & Contributor @SchwabNetwork
Imp Discl: https://t.co/SWHANkL63bschwab.comJoined September 2011
Here are four examples of notable technical developments across individual securities:
$EGO — Price is forming a potential cup-and-handle pattern while closing (tomorrow) above the 38.2% Fibonacci Retracement level.
$ESTC — Price has moved above prior resistance following a gap
With tomorrow marking the close of the month, here are four $Materials charts showing notable technical developments:
$IAG — Potential cup & handle formation developing near long-term resistance
$KGC — CAHOLM (close above the high of the low month) developing at a long-term support level
$NEM — Price has moved to new monthly highs following a CAHOLM bounce from long-term support
$PAAS — CAHOLM developing at a multi-decade support level
The relationship between $Rates, the $DXY and $preciousmetals is also worth watching.
Periods of higher rates and a weaker $USDollar have at times coincided with strength in $gold and solana:F9oUz5Qs1zZuNq5VHQjxCNFSbBh7mJdDYd3qwLaPpump miners.
*Schwab does not recommend the use of technical analysis as a sole means of investment research
*All names and market data shown below are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security
*Chart source: thinkorswim
Technical Takeaways: What to Watch in the Week Ahead
$SPX
The momentum reset seen over the last two weeks appears to be continuing. Price remains above the former highs in the 7600-7620 area, which may represent a notable support zone from a technical perspective.
A positive earnings reaction has contributed to an improvement in $NVDA's short-term technical trend. Shares have advanced toward prior highs, an area that may represent resistance and coincides with a potential inverse head-and-shoulders formation.
Several technical indicators
From a structural perspective, $Bitcoin has shown some improvement across both shorter- and longer-term time frames, although technical conditions remain subject to change.
Following a decline toward support near prior cycle highs, $BTC has begun to stabilize and is forming what
Looking at Relative Strength trends in various sectors relative to $SPX over the last 6 months....
$HealthCare & $Financials - leading
$Energy $Materials $Discretionary $Tech - improving
*Schwab does not recommend the use of technical analysis as a sole means of investment.
Breakaway gap today in $NDXEW but momentum doesn't seem to agree, as the RSI is failing to move beyond 70, as it did at former highs back in June
*Schwab does not recommend the use of technical analysis as a sole means of investment research.
This morning I joined the @SchwabNetwork to cover the Chart of the Day for $ONON and break down the technical levels in the near and long term schwabnetwork.com/video/chart-of…
*Not a recommendation
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