Near-term resistance on the S&P 500 Index (SPX) sits at 2632.91 and support at 2585.68…formed by a one-day moving average (mid-point of candle high/low — input source is hl2) of the February 8 & 9 candles, as shown on the daily chart below.
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Fibonacci Confluence Levels on Netflix
As I mentioned in yesterday’s post of the FAANGs, volatility is on the rise for all of them, including Netflix (NFLX).
The weekly chart below shows the confluence levels of two sets of Fibonacci retracements…around 273, 235, 210 and 174. These levels also intersect with the lines parallel to the median of the Andrew’s Pitchfork channel, and the median, itself.
A drop and hold below the first at 273, combined with an accelerating decline of the momentum indicator, may see a retest of 235, or lower. (more…)
Two Higher, Two Lower
By Harry Boxer – – Retailers lead our list of top charts to watch, while two technology stocks lead on the short side.
Lululemon Athletica Inc. (LULU) sprinted up 9%, or $7.25, to close at $85.96 on extremely heavy volume of 10.7 million shares traded Wednesday. That’s more than five times its average volume. The jump up came with the athletic apparel company’s better-than-expected earnings announcement and 2018 outlook. The move broke the stock out of a bull wedge consolidation, reaching a new all-time high of $87.98 intraday. Next target: $94.
Macy’s, Inc. (M) moved up 4%, or $1.21, closing at $29.07 on 11 million shares traded. The move came with news that President Trump is considering legal action against competitor Amazon that favors traditional department stores. The stock reached a bottom right before its November 9 earnings announcement and has been on its way back up ever since. Price is currently sitting in a bull flag consolidation pattern, showing significant potential for another leg up. Next target: $34.50. (more…)