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23May 2024

Healthcare Sector Review: 5/24/24

Thursday|0 Comments

Four-Figure Fence: Long-time readers of mine know my affinity with round number theory. And some figures are more important than others, with names that trade through 90 very often going on to reach par and beyond. A rare number that is not often spoken about is 1000. Thursday NVDA did so catapulting above the figure and could there be room for another to join the exclusive clique? Below is the chart of REGN which is the third largest holding in the more mature IBB and this one has experience near 1000, which may give it a bit more confidence to clear it the second time around. On the WEEKLY chart, one can see it hit the level and recorded a spinning top candle the week ending 3/1, which often indicates exhaustion and it did proceed to fall more than 10%. The MONTHLY chart shows some robustness as it could record a bullish engulfing candle in May, after a very small range in March which registered another spinning top. Notice how the 28-session ADX signal came in very handle calling the near-term bottom in early May. I feel this name has room to 1100 by the end of Q2.

22May 2024

Technology Sector Review: 5/23/24

Wednesday|0 Comments

Was The REPORT Good Enough Tonight? For all the talk of defensive groups leading the way in 2024, technology as of late does not want to hear about it. Over the last one month period the space is the best performing major S&P sector out of 11. Renewable energy equipment is playing a big factor, and TAN may be "heating up", pun intended, as it breaks ABOVE a WEEKLY bear flag pivot at the round 40 number. But semiconductors have been a huge contributor to the outperformance and the SMH chart shows a very nice run since a bullish harami candle was recorded off the very round 200 number on 4/22. Some would call Wednesday's session somewhat soft as a bearish hanging man candle, which also traded into the big bearish engulfing candle from 3/8. It is now well above the double- bottom breakout trigger of 227.67 taken out on 5/15 and it would not be surprising at all to see another push toward the above overbought 75-80 RSI level which was normal between last December and March. From a seasonality perspective, the SMH in May is living up to its strong billing up 9% this month so far. The elephant in the room is the WEEKLY chart below of NVDA. A CLOSE Friday above 1000 would go a long way in keeping this market rally going into the second half of 2024. 

21May 2024

Consumer Staples Review: 5/22/24

Tuesday|0 Comments

Staples Courage: The staples have been a mediocre space when compared to the other 10 major S&P sectors, but they warrant attention. We last wrote about them a month ago as the XLP was attempting to reclaim its rising 50-day SMA and it did go on to record the double bottom breakout, which then went on to form a handle as well on the base. Top holdings that are acting well include WMT, which just recorded its second straight well-received earnings reaction up 7% and clearing a 61.54 cup base pivot in the process (the WEEKLY chart shows as clean a bull flag breakout as one can see). COST is holding above a cup base pivot of 785.92 as it deals with round number theory at the 800 figure. PM shows no one is immune from round number theory as it looks to shake free from the par figure, although give it credit for negating an ugly bearish engulfing candle from 4/25 and is now dealing with a bearish evening star completed last Friday. ELF has hit a stumble, a name that registered a 15 of 16-month win streak between May 2022-August 2023. It REPORTS Wednesday after the close, overshadowed by NVDA, but perhaps a disappointment may offer a rare opportunity into its rising 50 WEEK SMA near 141.