Former Leaders Waffling:
Or are they just resting before their next ascent? Some names like LULU which is now 23% off its most recent 52-week highs but more from the nearly 500 level in November 2021. It is lower 5 of the last 7 weeks since a big WEEKLY loss of more than 15% the week ending 12/9. On 1/18 it filled in an upside gap from the 1/6 session and remains trapped between its 50 and 200-day SMAs. Of course, there is AMZN which is sniffing out the very round par number here, and last week it CLOSED lower by just below 1%, in line with the XLY, but CLOSED in the upper half of the WEEKLY range and it was a nice performance given the prior week jumped by more than 13%. Below is the chart of COST and it is still trading within the wild 6 wee losing streak range the weeks ending between 4/15-5/20/22 that traveled between the very round 400-600 figures. It has formed a WEEKLY symmetrical triangle since then and the daily chart below shows a nice double bottom near the 450 area and a bullish island reversal pattern that indicates a possible good 2023 is upon it.