AAP, ANSS, AMT, CDAY, ABC, BL, EQIX, HD, TYL, & ZEN
| AAP Advance Auto Parts, Inc. ($139.63) - Autos and Parts - Advance Auto Parts completed a bullish catapult with a break at $142 today, marking a fifth consecutive buy signal. This 3 for 5'er returned to a positive trend in late April and ranks in the top quartile of the favored autos and parts sector RS matrix. Overall, the weight of the evidence is positive here and long exposure may be added. Note that support is offered at $132. |
| ABC AmerisourceBergen Corporation ($96.12) - Drugs - ABC broke a double top at $96 on Thursday, marking the second consecutive buy signal on the chart. This stock is a solid 4 for 5’er within the favored drugs sector that moved back into a positive trend earlier this month. From here, initial sits at $91 while overhead resistance is at $97. ABC offers a yield of 1.75%. |
| AMT American Tower REIT ($254.80) - Real Estate - American Tower shares returned to a buy signal with a bearish signal reversal today at $256. This 4 for 5'er returned to a positive trend in late March and has maintained a market RS buy signal since 2002, confirming long-term strength. AMT also ranks in the top half of the favored real estate sector RS matrix and displays a low rRisk of 1.01 (relative the S&P 500 Index benchmark reading of 1.00). Okay to add long exposure here as demand is in control. Note that support is offered at $224 and that AMT carries a yield of 1.73%. |
| ANSS Ansys Inc ($277.10) - Software - Ansys shares reversed up today, breaking a double top at $276 to mark a second consecutive buy signal. This 4 for 5'er has maintained a positive trend and long-term market RS buy signal since January of 2019 and August of 2011, respectively. The weight of the evidence is positive and long exposure may be added here on the breakout. Note that support is offered at $260 and that the bullish support line is found at $256. |
| BL Blackline Inc ($73.75) - Software - BL is a solid 4 for 5’er within the favored software sector that is trading in a positive trend. With action on Thursday, BL broke a double top at $72 before moving higher to $73. From here, BL faces resistance at $74. From here, initial support now sits at $67. |
| CDAY Ceridian HCM Holding, Inc. ($70.24) - Software - Ceridian Holdings completed a bullish triangle with today's break at $68, marking a third consecutive buy signal before advancing further past resistance to $70. This 4 for 5'er returned to a positive trend in late April and has maintained a market RS buy signal since September of 2018, confirming long-term strength. CDAY also ranks in the top half of the favored software sector RS matrix. Demand is in control and long exposure may be added here. Note that support is offered at $63. |
| EQIX Equinix, Inc. ($680.77) - Real Estate - EQIX returned to a buy signal on Thursday with a quadruple top breakout at $688. This stock is a perfect 5 for 5’er that moved back into a positive trend in late March and has maintained a long-term market RS buy signal since February 2009. Additionally, EQIX ranks in the top half of the favored real estate sector RS matrix and has experienced two months of positive monthly momentum. From here, support sits at $640, the bullish support line. EQIX faces resistance at the $696 level. |
| HD Home Depot, Inc. ($250.91) - Building - HD broke a double top at $252 on Thursday and is now trading at new all-time highs. This recent breakout marks the fourth consecutive buy signal for the 5 for 5’er within the favored building sector. HD has maintained long-term strength versus the broader market since January 2012 and just experienced a flip to positive monthly momentum. From here, initial support is offered at $236. HD offers a yield of 2.38%. |
| TYL Tyler Technologies, Inc. ($377.95) - Software - TYL broke a double top at $368 on Thursday before rallying to $376, a new all-time high. This stock is a perfect 5 for 5’er within the favored software sector that has maintained a long-term market RS buy signal since August 2011. Additionally, monthly momentum just flipped positive, suggesting the potential for higher prices. From here, initial support is offered at $344. |
| ZEN Zendesk Inc ($85.15) - Software - ZEN broke a double top at $84 before moving higher to $85 on Thursday. This marks the second consecutive buy signal on the chart for this 4 for 5’er within the favored software sector. ZEN faces resistance at current levels with additional resistance at the $91 level. Initial support sits at $78. |
