ADSK, EMN, IQV, JACK, NVTA, QLYS, RSG, SE, SWKS & TTD.
| ADSK Autodesk, Inc. ($260.03) - Software - Shares of ADSK moved higher Wednesday to complete a bullish catapult at $256 before advancing to a new all-time high at $260 intraday. This 5 for 5'er moved to a positive trend in April and ranks in the top half of the favored software sector RS matrix. Weekly momentum also just flipped positive, suggesting the potential for further upside from here. Exposure may be considered at current levels, with initial support offered at $240 and further support found at $228. |
| EMN Eastman Chemical Company ($78.37) - Chemicals - EMN advanced Wednesday to complete a bullish triangle at $77 before rising to $78 intraday. This 3 for 5'er moved to a positive trend in April and ranks in the top half of the favored chemicals sector RS matrix. The overall weight of the evidence continues to improve. Exposure may be considered at current levels, with initial support offered at $71. Further support can be found at $70. Note that the stock is currently at overhead resistance from July. EMN also carries a 3.61% yield. |
| IQV IQVIA Holdings Inc. ($169.28) - Healthcare - IQV is a 4 for 5’er within the favored healthcare sector that moved back into a positive trend in April. Also, IQV has maintained a long-term market RS buy signal since August 2017. With today’s action, IQV broke a double top at $166 before moving higher to $168. From here, a move to $170 would mark a new all-time high. Initial support sits at $156. |
| JACK Jack in the Box, Inc. ($86.73) - Restaurants - JACK reversed up into a column of Xs Wednesday and advanced to break a bullish triangle at $86 before moving to $87 intraday. This 4 for 5'er moved to a positive trend in May and ranks 8th out of 26 names in the favored restaurants sector RS matrix. The technical picture is strong. Exposure can be considered at current levels, with initial support offered at $82 and further support found at $78. Note that the stock is currently at overhead resistance from August. |
| NVTA Invitae Corp. ($37.02) - Biomedics/Genetics - NVTA pushed higher Wednesday to break a double top at $37, which also marked a new all-time high. This 5 for 5'er moved to a positive trend in May and ranks in the top decile of the biomedics/genetics sector RS matrix. The weight of the evidence continues to be increasingly positive. Exposure may be considered at current levels, with initial support offered at $32. Further support can be found at $28 and $27. |
| QLYS Qualys Inc ($110.48) - Computers - QYLS is a 3 for 5’er within the favored computers sector that has maintained a long-term market RS buy signal since August 2017. Additionally, QYLS is trading in an overall positive trend. With today’s market action, QYLS returned to a buy signal with a double top breakout at $110. From here, support sits at $102 while overhead resistance sits at $124. |
| RSG Republic Services, Inc. ($94.82) - Waste Management - RSG broke a double top at $94 before moving higher to $95, marking the stock’s second consecutive buy signal. RSG is a 4 for 5’er within the waste management sector that has maintained a positive trend since October 2009. Demand is in control. From here, support sits at $89. |
| SE Sea Ltd. (Singapore) Sponsored ADR Class A ($155.96) - Internet - SE ranks 1st out of 54 stocks in the favored internet sector RS matrix, making it the strongest stock in this space. With today’s market action, SE completed a bullish catapult pattern with a double top buy signal at $164, marking a new all-time high. This stock is a perfect 5 for 5’er that has experienced two weeks of positive weekly momentum. The weight of the evidence is positive. Initial support sits at $152. |
| SWKS Skyworks Solutions, Inc. ($153.24) - Semiconductors - SWKS continued higher Wednesday to complete a shakeout pattern with a triple top break at $150 before moving to a new all-time high at $152 intraday. This 4 for 5'er moved to a positive trend in April and ranks in the top quintile of the semiconductors sector RS matrix. The overall weight of the evidence is positive here, however, SWKS is now entering overbought territory so those looking to add exposure may best be served to wait for a pullback or normalization of the trading band. Initial support is offered at $140. |
| TTD The Trade Desk Inc ($509.00) - Internet - TTD moved higher Wednesday to break a double top at $512, which also marks a new all-time high. This 5 for 5'er moved to a positive trend in April and ranks 6th out of 54 names in the favored internet sector RS matrix. The stock has also maintained an RS buy signal against the market since early-2017. The technical picture is strong and continues to improve. Those looking to add exposure may consider the stock at current levels, with initial support offered at $448. |
