ADM, DDOG, LYB, PHM, PVH, RTX, SMCI, W, XPEL
| ADM Archer-Daniels-Midland Company ($86.05) - Food Beverages/Soap - Shares of ADM broke through their bearish resistance line on Tuesday due to a favorable earnings response. The stock is now a 3 for 5'er yet still within a wide trading range. Initial support is distant, offered down around $73. |
| DDOG Datadog Inc Class A ($115.30) - Software - DDOG rose Tuesday to break a double top at $118, marking a third consecutive buy signal. This 5 for 5'er moved to a positive trend in May and ranks in the top quintile of the favored software sector RS matrix. Weekly momentum also recently flipped positive, suggesting the potential for further upside from here. The weight of the technical evidence is favorable here and continues to improve. Initial support is seen at $110 with further support offered at $96. Note that earnings are expected on 8/8. |
| LYB LyondellBasell Industries NV ($93.74) - Chemicals - LYB gave a second consecutive buy signal on Tuesday when it broke a spread quadruple top at $94, taking out resistance that had been in place since May. The move adds evidence to an already positive technical picture as LYB is a 3 for 5'er and ranks in the top half of the favored chemicals sector matrix. From here, the stock faces overhead resistance at $95, while support can be found at $90. Earnings are expected on 8/4. |
| PHM PulteGroup, Inc. ($83.43) - Building - PHM reversed into Xs and rallied to break a double top at $83 for a sixth consecutive buy signal and a new high for the stock. PHM is a 4 for 5'er that ranks in the top quintile of the Building sector matrix. Those seeking exposure to the stock may look to add on a pullback to $80 on the chart. Initial support lies at $77 and $75, while additional support can be found at $66. |
| PVH Phillips-Van Heusen Corporation ($84.53) - Textiles/Apparel - PVH broke a double bottom at $85 for the first sell signal since mid-June. This follows the stock rallying to $93 and putting in a lower top at $90. PVH is testing the bullish support line, which would be violated with a move below $84 and drop the stock to a 2 for 5'er. From here, additional support lies in the $82 to $81 range along with $76, the June 2023 low |
| RTX Raytheon Technologies Corp. ($86.13) - Aerospace Airline - RTX was down big on the back of earnings, falling as much as 12% on the day. This will push this stock further into technically unacceptable range, moving back into a column of O's against the market. RTX will now earn 0 technical attribute points for the first time since late 2020, and exposure should be limited. As the day does bring RTX into heavily oversold territory, consider cutting current positions on rallies. |
| SMCI Super Micro Computer, Inc. ($321.35) - Computers - SMCI advanced Tuesday to complete a bullish triangle at $316 before reaching $320 intraday. This 5 for 5'er moved to a positive trend in February and ranks 1st out of 45 names in the favored computers sector RS matrix. Weekly momentum also just flipped positive, suggesting the potential for further price appreciation. The technical picture is strong and continues to improve. However, the recent rally has left SMCI in an overbought position. Initial support is offered at $296 with further support found at $284, $268, and $248. |
| W Wayfair Inc. ($68.30) - Retailing - W reversed into Os and broke a double bottom at $69. This is the first sell signal for W since May and follows the stock meeting resistance on three occasions at $73 this month. The stock remains a 5 for 5'er and ranks in the top decile of the Retailing sector matrix. From here, a move to $74 would return to stock to a buy signal and match the February rally high. Initial support lies at current levels while additional support lies at $57 and $55. |
| XPEL XPEL, Inc. ($78.37) - Autos and Parts - XPEL broke a double bottom to complete a bullish signal reversal pattern for the stock's first sell signal since mid-May. XPEL remains a 5 for 5'er that ranks in the top half of the Autos and Parts sector matrix, and this action brings the stock back toward the middle of the trading band following a rally near 52-week highs. Support for the stock lies at $74, the bullish support line, as well as at $69. |
