Comments include: ALB, AMZN, ASH, BIDU, CAKE, CBT, CRM, CVX, DKNG, DKS, ETN, HAL, HD, JBL, LYV, MATX, MUR, NCLH, NE, OXY, RS, SAIA, SPT, STLD, TGT, and TRGP.
| ALB Albemarle Corp ($86.99) - Chemicals - ALB was down more than 6.5% on Friday and fell to a sell signal when it broke a spread quadruple bottom at $90 and continued lower to $83. Friday's move adds confirmation to an already negative technical picture as ALB is a 0 for 5'er and ranks 46th out of 46 names in the chemicals sector matrix. The stock has now taken out all support it has found since 2020. |
| AMZN Amazon.com Inc. ($166.71) - Retailing - Following earnings on 8/1, AMZN reversed into Os and broke a double bottom at $176 to return the stock to a sell signal as it fell to violate multiple support levels on its way down to $162, the lowest chart level since the beginning of February. AMZN now trades just one box above its bullish support line at $160. The stock also appears it will maintain its 5 attribute rating, but note that it now resides within one box of the market RS chart reversing into Os. Beyond the bullish support line, support lies at $150 and $146. |
| ASH Ashland Inc. ($93.56) - Chemicals - ASH fell to a sell signal on Friday when it broke a triple bottom at $94 and now sits against its bullish support line at $93. Friday's sell signal adds to an already unfavorable technical picture as ASH is a 2 for 5'er. A move to $92 would violate ASH's trend line and drop the stock to a 1 for 5'er. |
| BIDU Baidu, Inc. (China) ADR ($84.37) - Internet - BIDU declined Friday to break a double bottom at $86 before falling to $83 intraday. This 0 for 5'er moved to a negative trend in May and sits near the bottom of the internet sector RS matrix. The technical picture is weak and continues to worsen. Initial support is not seen until $79, while overhead resistance is not seen until $104. Note that earnings are expected on 8/22. |
| CAKE The Cheesecake Factory Incorporated ($34.73) - Restaurants - CAKE broke a triple bottom at $36 for the stock's first sell signal in 2024 as it fell to $35. The move will also violate the bullish support line, which will cause the stock to drop to a 2 for 5'er trading in a negative trend. From here, support now lies at $34 and $32 with additional in the upper-$20s. Note that long-term resistance at $41 continues to thwart further upside for the stock. |
| CBT Cabot Corp ($89.91) - Chemicals - CBT fell nearly 7% on Friday and dropped to a sell signal on its default chart when it broke a double bottom at $94. The stock continued lower to $89, where it now sits just above support at $88. The technical picture for CBT remains positive as it is a 5 for 5'er and ranks in the top 10% of the chemicals sector matrix. |
| CRM Salesforce Inc. ($243.97) - Software - CRM moved lower Friday to break a double bottom at $244. This 2 for 5'er moved to a negative trend in May and sits in the bottom half of the software sector RS matrix. CRM had been showing near-term technical improvement in recent weeks, but is now weakening once again. Initial support can be seen at $228 further further support seen at $212. Overhead resistance can be seen at $264. Note that earnings are expected on 8/28. |
| CVX Chevron Corporation ($148.44) - Oil - CVX gave a second consecutive sell signal when it broke a double bottom at $152 on Friday and continued lower to $148, where it now sits against support. The technical picture for CVX was negative prior to Friday's action as the stock is a 1 for 5'er and ranks in the bottom half of the oil sector matrix. |
| DKNG DraftKings Inc Class A ($31.74) - Gaming - DKNG broke a double bottom at $35 to complete a bearish triangle and count as a third sell signal as the stock fell to $31. The move violates the bullish support line, which coupled with the market RS chart reversal into Os last week, will drop the stock to a 2 for 5'er trading in a negative trend. From here, support now lies at $26 and $23. |
| DKS Dick's Sporting Goods, Inc. ($199.11) - Retailing - DKS broke a double bottom at $198 to complete a bearish triangle as the stock fell to $196. This marks the second sell signal for the 5 for 5'er since it peaked at $232 in June. From here, support on the default chart now lies at $184 and $180. |
| ETN Eaton Corporation ($279.15) - Machinery and Tools - Despite the strong attribute rating, ETN leaves much to be desired from a technical perspective. The stock has now put in a series of lower tops off 2024 highs and sits without support until the bullish support line at $260 below. Exercise extreme caution within the name and consider trimming the name if you have gains available. |
| HAL Halliburton Company ($31.82) - Oil Service - HAL gave a second consecutive sell signal and took out notable support on Friday when it broke a spread triple bottom at $32. The move adds evidence to an already weak technical picture as HAL is a 1 for 5'er and ranks in the bottom quintile of the oil service sector matrix. From here, the next level of support on HAL's chart sits at $28. |
| HD Home Depot, Inc. ($352.32) - Building - HD broke a double bottom at $348 to end a series of buy signals that began in June. This move also brings HD down to test the bullish support line, which would be violated with a move to $340. In addition to trading in a positive trend, the only other positive attribute for the stock resides in a very long-term market RS buy signal. Additional support lies at $332 and $324. |
| JBL Jabil Circuit, Inc. ($99.55) - Electronics - JBL fell Friday to break a double bottom at $106 before falling to $97 intraday. This moves the stock to a negative trend and demotes it to a 2 for 5 TA rating. The weight of the technical evidence is weak here and deteriorating. Long exposure should be avoided. Further support may be seen at $89. Overhead resistance may be found initially at $118. |
| LYV Live Nation Entertainment Inc. ($90.93) - Leisure - LYV broke a double bottom at $92 to return the stock to a sell signal as it fell to $90. This move also violated the bullish support line, which will drop the stock to a 3 for 5'er. From here, support lies at $89 and $87, the 2024 chart low. |
| MATX Matson Inc ($132.82) - Transports/Non Air - MATX moved as much as 3.5% higher on the day, posting a 4th consecutive buy signal in the process. While the stock only holds a 3/5 attribute rating, the technical picture is attractive. Those looking to add to the transports space could do so here. |
| MUR Murphy Oil Corp ($37.52) - Oil - MUR fell to a sell signal and a negative trend on Friday when it broke a double bottom at $38. The negative trend change will drop MUR to an unfavorable 2 for 5'er. From here, the next level of support sits at $37. |
| NCLH Norwegian Cruise Line Holdings Ltd. ($15.83) - Leisure - NCLH broke a double bottom at $16 to return to a sell signal and violate the bullish support line. It also continues the stock trading within the $15 to $21, which has been in place for much of 2024. The trendline violation will drop the stock to a 3 for 5'er. From here, initial support lies at $15.50, while long-term support resides in the $12 to $13 range. |
| NE Noble Corporation ($42.07) - Oil Service - NE fell to a sell signal and violated its trend line in Friday's trading, a move which will drop it to an unfavorable 2 for 5'er. NE now sits against major support at $42, a level it has rallied from on three prior occasions since December of last year. |
| OXY Occidental Petroleum Corporation ($57.67) - Oil - OXY fell to a sell signal and violated its trend line on Friday when it broke a double bottom at $58. The trend violation will drop the stock to an unfavorable 2 for 5'er. From here, the next level of support sits at $56, a level from which OXY has rallied four times since March of last year. Earnings are expected on 8/7. |
| RS Reliance Inc. ($287.22) - Steel/Iron - RS fell to a sell signal on Friday when it broke a double bottom at $292 following an unsuccessful test of its bearish resistance line. The stock now sits two boxes above support at $276. The technical outlook for RS remains positive as it is a 4 for 5'er and ranks third out of 14 names in the steel/iron sector matrix; however, the unsuccessful test of its negative trend line is a cause for concern. |
| SAIA Saia, Inc. ($382.90) - Transports/Non Air - SAIA has bounced back down to logical support on its default chart at $372. With that in mind, those looking to trim current exposure to the name should look to do so on reversals back into X's. On the contrary, a breech of this support would be a net negative for the current 2/5'er. Regardless, exposure should be limited when possible. |
| SPT Sprout Social Inc Class A ($32.89) - Software - SPT fell Friday to break a double bottom at $33, ending a streak of three consecutive buy signals. This 2 for 5'er moved to a negative trend in April and sits in the bottom half of the software sector RS matrix. The technical picture is weak and showing further deterioration. Initial support can be seen at $32, while overhead resistance can be seen at $39. |
| STLD Steel Dynamics Inc. ($121.28) - Steel/Iron - After unsuccessfully testing its bearish resistance line, STLD fell to a sell signal on Friday when it broke a triple bottom at $124 and now sits against support at $120. The weight of the evidence remains positive as STLD is a 4 for 5'er that ranks in the top third of the steel/iron sector matrix. |
| TGT Target Corporation ($139.28) - Retailing - TGT broke a double bottom at $144 to return to a sell signal as the stock fell to test support at $140. The move violates the bullish support line, which will drop the stock to a 0 for 5'er trading in a negative trend. Beyond current support, additional can be found at $132. |
| TRGP Targa Resources Corp. ($130.18) - Gas Utilities - TRGP reversed into Os and broke a double bottom to initiate a shakeout pattern. The stock is a 5 for 5'er that ranks 2nd (out of 17) in the Gas Utilities sector matrix and is accompanied by a yield north of 2%. From here, the action point for the shakeout pattern would be upon a reversal back into Xs, while the pattern would be complete upon a triple top break at $140. Support on smaller scale charts can be found in the mid-$110s, while support on the default chart lies at $96. |
