No “Crowded” Problems With Breakouts Currently:
Last week in looking for potential green shoots for the bulls, where it has been very difficult too say the least, I brought up PLTR. The reason being that it had shown solid overall relative “strength”, in not even coming into contact with its 200-day SMA. Names that exhibit this type of strong behavior will usually come out far better than peers once the dust settles. Remember in a healthy bull breakouts will flourish, and vice versa. Below is the daily chart of CRWD, which should be mentioned in the same sentence as PLTR, and if this can demonstrate some resiliency and decisively take out the double bottom pivot and act well POST the move that could go a long way in improving investors bearish psyche. This would be a good start, but only a handful of names thus far achieving this should have market participants cautious, but curious. The WEEKLY chart is a bit wide and loose and notice the bull flag breakout (which started at the very round 200 number) never met its measured move to 550 and the bearish engulfing candle the week ending 2/21 that slumped 10% will loom large in 2025. First things first and let’s see how this acts around the current double-bottom pivot into this weeks-end, which is a traditionally bullish holiday-shortened one.