ADI, DFS, BKH, CPRI, GRBK, SFIX, ZM, ESTC, SNX, FMC, ZBRA, AYX, SPG, & IR.
| ADI Analog Devices, Inc. ($173.14) - Semiconductors - ADI broke a double top at $172 to return to a buy signal and rallied up to $174 for a new all-time high. ADI is a 3 for 5'er that maintains long-term and near-term positive RS versus the market. Okay to consider here on the breakout or on a pullback to $168 on the chart. Initial support lies at the bullish support lie at $158. |
| AYX Alteryx Inc ($68.36) - Software - AYX fell Wednesday after their earnings release to complete a bearish triangle at $74 before falling over 13% intraday to mark a new multi-year low at $67. This unfavorable 0 for 5'er moved to a negative trend in February and ranks in the bottom decile of the software sector RS matrix. The overall weight of the evidence is decidedly negative, however, AYX is now in heavily oversold territory so those with current positions may look toward the stock as a sell-on-rally candidate. Initial overhead resistance may be seen at $79. |
| BKH Black Hills Corporation ($69.89) - Utilities/Electricity - BKH broke a double top at $70 on Wednesday, marking the stock’s fourth consecutive buy signal. BKH is a 1 for 5’er within the utilities/electricity sector that just experienced a flip to positive weekly momentum. From here, support sits at $66. Note BKH yields 3.32%. |
| CPRI Capri Holdings Ltd ($58.53) - Retailing - CPRI is a 4 for 5’er within the retailing sector that is showing superior strength versus the broader market. On Wednesday, CPRI broke a spread triple top at $60, marking a new 52 week high for the stock. Weekly momentum just flipped positive, suggesting the potential for higher prices. From here, support sits at $56. |
| DFS Discover Financial Services ($126.48) - Finance - DFS broke a double top at $128 for a fourth consecutive buy signal and a new high on the chart. DFS is 4 for 5'er that ranks in the top quartile of the Finance sector matrix. DFS maintains a yield of roughly 1.6% and can be considered here on the breakout or on a pullback to $122 on the chart. Support lies in the $112 to $116 range. |
| ESTC Elastic NV ($150.31) - Software - ESTC moved higher Wednesday to break a double top at $150. This 3 for 5'er moved to a positive trend in June and ranks in the top quartile of the software sector RS matrix. The weight of the evidence is positive here. Initial support may be found at $142 with further support offered at $136. Overhead resistance may come initially at $152. Note that earnings are expected on 8/24. |
| FMC FMC Corporation ($98.63) - Chemicals - FMC violated its trend in Wednesday's trading, which will drop it to an unfavorable 2 for 5'er; it now sits against support at $99. FMC also ranks in the bottom decile of the chemicals sector matrix. Long exposure should be avoided. |
| GRBK Green Brick Partners Inc. ($24.61) - Building - GRBK is a 3 for 5’er within the building sector that returned to a buy signal today with a double top breakout at $26. Weekly momentum has been positive for three weeks, suggesting the potential for higher prices, and GRBK is trading well above the bullish support line. From here, support sits at $21 while GRBK faces resistance at $28, the stock’s rally high. |
| IR Ingersoll-Rand Inc. ($50.32) - Machinery and Tools - Shares of IR returned to a buy signal on Wednesday with a double top break at $50 and later pushed past subsequent resistance to $51. The 4 for 5'er returned to an RS buy signal in September of last year, trades well-above its bullish support line, and has now seen five weeks of positive momentum. Demand is in control. Further bullish confirmation would come with a move past $52, which would break it out of its trading range since March of this year. Initial support is offered at around $46. |
| SFIX Stitch Fix Inc ($48.08) - Retailing - SFIX broke a double bottom at $50 before moving lower to $49 today. This marks the stock’s third consecutive sell signal in the last month. SFIX is an unacceptable 1 for 5’er within the retailing sector that has been trading in a negative trend since March. Avoid as supply is in control. From here, additional support sits at $38. |
| SNX SYNNEX Corporation ($120.97) - Computers - SNX pushed higher Wednesday to complete a bearish signal reversal with a double top break at $122. This 5 for 5'er has maintained a positive trend since May 2020 and ranks 9th out of 44 names in the computers sector RS matrix. The weight of the technical evidence is positive here. Initial support can be found at $110. |
| SPG Simon Property Group, Inc. ($128.70) - Real Estate - Shares of SPG returned to a buy signal on Wednesday with a double top breakout at $132, completing a bearish signal reversal pattern. The 5 for 5'er remains in the top quartile of the real estate stock sector matrix and recently returned to an RS buy signal versus the market in June of this year. Demand is in control and those looking to add exposure may consider SPG on this breakout or upon further bullish confirmation which would come with a move to $134. Initial support is offered at around $116. Note SPG also offers a yield of 4.43%. |
| ZBRA Zebra Technologies Corp ($560.00) - Electronics - Shares of ZBRA rose Wednesday after their earnings release to break a double top at $560, marking a sixth consecutive buy signal and a new all-time high. This 5 for 5'er moved to a positive trend in April 2020 and ranks 9th out of 63 names in the electronics sector RS matrix. Exposure may be considered on this breakout, with initial support offered at $528. Further support can be seen at $504, $488, and $456. |
| ZM Zoom Video Communications, Inc. Class A ($400.90) - Telephone - ZM is a 4 for 5’er within the telephone sector that broke a double top at $400 with Wednesday’s intraday action, marking the second consecutive buy signal on the chart. From here, support sits at $364 while ZM is testing overhead resistance at current levels. |
