AAPL, MXIM, AEIS, POWI, CHTR, CVNA, FIVE, GKOS, IEX, & XPO.
| AAPL Apple Inc. ($122.42) - Computers - Shares of AAPL moved higher Tuesday to complete a bullish triangle at $122, marking its second consecutive buy signal. This 3 for 5'er has maintained a positive trend since early-2005 and been on an RS buy signal against the market since 2004. Weekly momentum also just flipped positive, suggesting the potential for further upside from here. Those looking to add exposure may consider AAPL at current levels, with initial support offered at $114. Further support can be found at $108, $106, and $104. |
| AEIS Advanced Energy Industries ($98.16) - Electronics - AEIS reversed up into a column of Xs Tuesday and broke a double top at $99, marking its third consecutive buy signal before reaching a new all-time high at $100 intraday. This 4 for 5'er moved to a positive trend in October and ranks in the top quartile of the electronics sector RS matrix. The weight of the evidence is positive here, however, AEIS is now heavily overbought with an intraday OBOS reading of 148%. Those looking to add exposure may be best served to wait for a pullback or normalization of the trading band. Initial support can be found at $95 with further support offered at $84. |
| CHTR Charter Communications, Inc. ($661.31) - Media - CHTR broke a spread triple top at $664 on Tuesday, marking the second consecutive buy signal on the chart and a new all-time high. CHTR is a solid 5 for 5’er within the media sector that has experienced three weeks of positive weekly momentum. From here, support sits at $608. |
| CVNA Carvana Company ($251.31) - Autos and Parts - CVNA broke a double top at $252 and is now trading at new highs. This stock is a solid 4 for 5’er within the favored autos and parts sector that has experienced two weeks of positive weekly momentum. From here, support sits at $236. |
| FIVE Five Below Inc ($161.03) - Household Goods - FIVE broke a double top at $160 before moving higher to $162 on Tuesday, making a new all-time high on the chart. FIVE is a perfect 5 for 5’er within the favored household goods sector that has maintained a long-term market RS buy signal since February 2016. From here, support sits at $140. |
| GKOS Glaukos Corp. ($67.95) - Healthcare - GKOS shares moved higher to break a double top at $69 to mark its fifth consecutive buy signal. This 5 for 5'er has been in a positive trend since September and on an RS buy signal since October. Recent price action has put GKOS into heavily overbought territory with a weekly overbought/oversold reading of 76% and those wishing to initiate a long position may be best served to wait for a pullback. From here, support can be found at $64. |
| IEX IDEX Corporation ($195.14) - Machinery and Tools - Shares of IEX reversed up into a column of X's on Tuesday and now reside one box away from completing a bullish catapult pattern, where a break would also result in a new all-time high. The 4 for 5'er resides in the favored machinery and tools sector and demonstrates positive long-term relative strength versus the market, remaining on an RS buy signal since 2000 and in a column of X's since 2013. The weight of the evidence is positive and initial support is offered around $190. |
| MXIM Maxim Integrated Products Inc ($84.45) - Semiconductors - MXIM moved higher Tuesday to complete a shakeout pattern with a triple top break at $84, marking a new multi-year high. This 3 for 5'er moved to a positive trend in April and ranks in the top half of the semiconductors sector RS matrix. The stock has also been on an RS buy signal against the market since early-2018. The technical picture is strong here, however, the recent price appreciation has left MXIM in overbought territory. Initial support can be found at $79. |
| POWI Power Integrations Inc ($72.81) - Semiconductors - Shares of POWI advanced Tuesday to break a double top at $72, marking its fourth consecutive buy signal before moving to a new all-time high at $73 intraday. This 3 for 5'er moved to a positive trend in October and has maintained an RS buy signal against the market since July of last year. Monthly momentum also just flipped positive, suggesting the potential for further upside from here. The technical picture is strong and continues to improve, however, POWI is now in overbought territory. Those looking to add exposure may look to wait for a pullback or normalization of the trading band. Initial support can be found at $68 with further support offered at $65. |
| XPO XPO Logistics Inc ($110.42) - Transports/Non Air - Shares of XPO broke a double top on Tuesday at $110, resulting in a third consecutive buy signal and multi-year chart high. The 5 for 5'er ranks in the top quartile of the transports/non air group and demonstrates positive long-term relative strength versus the market, remaining on an RS buy signal since August of 2019. Demand is in control. Initial support is offered around $102. |
