Comments include: ALAB, CEG, ESS, FDX, NXT, ODFL, RRR, SMG, UNM, WING, & WLK.
| ALAB Astera Labs, Inc. ($129.19) - Semiconductors - ALAB pushed higher Wednesday to break a double top at $130, marking a third consecutive buy signal. This 5 for 5'er moved to a positive trend in May and gave an RS buy signal against the market last week. The weight of the technical evidence is decidedly positive, however, ALAB is in overbought territory. Initial support can be seen at $118 with further support seen at $108. |
| CEG Constellation Energy Corporation ($345.09) - Utilities/Electricity - CEG broke a double top at $344 to complete a bullish catapult and clear resistance at $340 as shares rallied to $348. The stock is a 3 for 5'er that ranks within the top quartile of the Electric Utilities sector matrix. Okay to consider here on the breakout or on a pullback to the $330 range. Initial support lies at $324, while additional can be found at $312 and $304. |
| ESS Essex Property Trust Inc ($268.86) - Real Estate - Shares of ESS broke a spread triple bottom at $268 to move back to a sell signal. Today’s drop also saw the stock flip back into a negative trend, bringing it down to a 3 for 5’er. While the stock is acceptable to hold, those with exposure should keep an eye out for further deterioration, such as a loss of near-term relative strength. From here, support lies at $256 then $244. |
| FDX FedEx Corporation ($223.96) - Aerospace Airline - FDX fell today, breaking a pair of buy signals on its default chart. The move sees it bounce off of its bearish resistance line above and solidifies some overhead resistance around $244. Continue to avoid the name for now until further technical improvement is seen. Support is offered around $216-$220, but a break past that level wouldn't be surprising. |
| NXT NEXTracker, Inc. Class A ($59.38) - Oil Service - NXT was down more than 8% and fell to a sell signal Wednesday when it broke a triple bottom at $59. The outlook for the stock remains favorable, however, as NXT is a 5 for 5'er that ranks in the top quintile of the oil service sector matrix. From here, the next level of support on NXT's chart is its bullish support line at $55. |
| ODFL Old Dominion Freight Line, Inc. ($144.85) - Transports/Non Air - ODFL slipped today, moving back to 2025 lows in the process. Old support in the low-mid $170's has acted as resistance in the near-term, a net negative for long-term holders. Continue to avoid the name and sell on rallies towards the middle of the trading band. |
| RRR Red Rock Resorts Inc ($58.91) - Gaming - RRR reversed into Xs and broke a double top at $58 for a third consecutive buy signal since May as shares rallied to $59. The stock is a 3 for 5'er that ranks within the top half of the Gaming sector matrix and is accompanied by a yield of 1.8%. Okay to consider on a pullback to $56 on the chart. Note resistance lies in the lower $60s. Initial support lies at $53, while additional can be found in the mid to lower $40s. |
| SMG The Scotts Company ($62.14) - Chemicals - SMG was down more than 6.5% Wednesday following its earnings release and fell to a sell signal when it broke a double bottom at $66. SMG continued lower to $61, where it now sits against support. The return to a sell signal adds evidence to an already negative technical picture as SMG is a 2 for 5'er that has been trading in a negative trend since 2024. |
| UNM Unum Group ($71.96) - Insurance - UNM shares moved lower today to break a double bottom at $76 to mark its second consecutive sell signal and enter a negative trend. This 4 for 5'er has been on an RS buy signal versus the market since April 2022. UNM shares are trading below the bottom of their trading in heavily oversold territory. From here, support is offered at $67. |
| WING Wingstop Inc. ($365.45) - Restaurants - WING reversed into Xs and broke a double top at $332 to return to a buy signal, completing a bearish signal reversal as shares rallied to $372. With the +25% rally, WING will reverse back into a column of Xs on both the market and peer RS charts; increasing the stock to a 5 for 5'er. Those seeking exposure may look to dollar cost average into a position as prices may consolidate in the mid to upper $300 range. Note resistance lies at $388, the June rally high. Support on the default chart lows at $284, while the bullish support line sits at $252. |
| WLK Westlake Corp. ($80.21) - Chemicals - WLK fell to a sell signal Wednesday when it completed a bearish triangle at $81. Wednesday's sell signal adds to an already weak technical picture as WLK is a 1 for 5'er that ranks in the bottom fifth of the chemicals sector matrix. From here, the next level of support sits at $80. WLK is expected to report earnings on 8/5. |
