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By AdrianaLowe
The theme over this last trading week has been one of remarkable resilience. After breaking down from key resistance levels, it seemed that a period of consolidation would follow. But, globally, markets instead rallied with conviction to retest their highs.
I have been sceptical about the sustainability of the rally this year. But one of the most fundamental axioms of surviving the markets is to trade what you see, not what you believe. And what I am seeing is markets that seem to want to push higher across the board, with individual stocks holding up well even when faced with bearish news.
S&P 500
(credit: chart from Sigma by Hydra X)
The S&P closed the week strongly at 2,822.48, up 0.5% on high volume, and on the back of its biggest weekly gain since November 2018. US markets seem insistent on forging a path higher despite the overhang of earnings, macro economy news, North Korea, and ongoing China trade talks. I still wait for price to break and close clear of the congestion zone around 2,800 before entering longs, but this looks increasingly like a environment where the only rational positions to take are either to be flat or long.
MICROSOFT
(credit: chart from Sigma by Hydra X)
Gains this week were led by tech, with the sector surging 4.9%, and also becoming the best performing sector of 2019. I find MSFT interesting, having completed a bullish inverse head and shoulders pattern, rallying in a tight rising channel, and strongly testing resistance (and also its all-time highs) on high volume. But a spinning top candlestick in the midst of overhead resistance, and a bearish stochastic crossover which in overbought territory could translate into a pullback, which could provide interesting entries for longs.
TESLA
(credit: chart from Sigma by Hydra X)
A good litmus test for market sentiment is how stocks behave on news. Tesla has held on to $275 support despite its Model Y unveiling event underwhelming analysts; BAML, CFRA Research and Canaccord Genuity all issued cautionary notes. If it gets there, $260 looks to be strong support for a countertrend rally.
BOEING
(credit: chart from Sigma by Hydra X)
Boeing continued to suffer the aftermath of the latest tragedy, ultimately having to suspend its entire fleet of 737 MAX planes when the FAA finally followed the lead of global aviation authorities in grounding the plane. Deliveries of the 737 MAX have also been paused. The beleaguered company faces an indeterminate outcome from investigations, bills from airlines affected by the grounding of the plane, as well as potential suits from the families of victims. On Thursday, the US Air Force joined the party. It launched a blistering attack on Boeing, saying that the company has a ‘severe situation’ after flawed inspections of their KC-46 air refuelling tanker aircraft, and questioning the company’s ‘culture of discipline for safety’. [https://www.cnn.com/2019/03/14/politics/air-force-boeing-refueling-plane/index.html] Despite all this, the stock has proven remarkably well supported at $370, repeatedly rallying from those levels on high volume.
FACEBOOK
(credit: chart from Sigma by Hydra X)
No company has had a worse week than FB, even within the context of its bad year. The week started with a proposal by Senator Elizabeth Warren to break up FB, was followed by a network outage affecting its Facebook, WhatsApp and Instagram services, and then announcements of a widening federal criminal probe into its data sharing practices. Two key executives, Chris Cox and Chris Daniels also announced their departures from the company. A nadir was reached when its Facebook application was used to livestream the hate-driven massacre of 49 people in New Zealand.
Technically, the stock has broken below the bottom of its ascending channel, and key overhead resistance in the $170-173 region looks daunting. There is also a huge gap from Feb 2019 waiting to be closed.
Yet in spite of the weak technical picture and the deluge of negative news, FB closed just 2.13% down for the week, and ended the trading session on Friday well above the lows of the day, forming a bullish hammer. While I have been waiting for a clear break in one direction or the other for a while, as rising channel met overhead resistance, I choose to stay as interested spectators for now.
EUR/USD
(credit: chart from Sigma by Hydra X)
Finally, last week I noted the technical breakdown of key support levels in the EURUSD, in conjunction with fundamentally bearish news in the form of Draghi’s dovish speech. However, I was keen to stay on the sidelines, given past experience of how crowded trades tend to turn out. EURUSD didn’t disappoint, as it promptly rose in a stop-hunting rally, which would have trapped any short entries in a very uncomfortable position.
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By Stocks4life · Posted
CVNA Carvana stock, nice top of range breakout at https://stockconsultant.com/?CVNA -
By Stocks4life · Posted
GDRX GoodRx stock, good day, watch for a bottom range breakout at https://stockconsultant.com/?GDRX -
By HFblogNews · Posted
Date: 14th February 2025. Can The NASDAQ Maintain Momentum at Key Resistance Level? The price of the NASDAQ throughout the week rose more than 3.00% to bring the price back up to the instrument’s resistance level. However, while taking into consideration higher inflation, tariffs and the resistance level, could the index maintain momentum? US Inflation Rises For a 4th Consecutive Month The US Consumer Price Index, or inflation, rose for a 4th consecutive month taking the rate even further away from the Federal Reserve’s target. Analysts were expecting the US inflation rate to remain unchanged at 2.9%. However, consumer inflation rose to 3.00%, the highest since July 2024, while Producer inflation rose to 3.5%. Higher inflation traditionally triggers lower sentiment towards the stock market as investors' risk appetite falls and they prefer the US Dollar. However, on this occasion bullish volatility rose. For this reason, some traders may be considering if the price is overbought in the short term. Addressing these statistics, US Federal Reserve Chair Jerome Powell acknowledged that the Fed has yet to achieve its goal of curbing inflation, adding further hawkish signals regarding the monetary policy. Other members of the FOMC also share this view. Today, Raphael Bostic, President of the Federal Reserve Bank of Atlanta, stated that the Fed is unlikely to implement interest rate cuts in the near future. This is due to ongoing economic uncertainty following the introduction of trade tariffs on imported goods and other policies from the Republican-led White House. Most of the Federal Open Market Committee emphasizes additional time is needed to fully assess the situation. According to the Chicago Exchange FedWatch Tool, interest rate cuts may not start until September 2025. What’s Driving The NASDAQ Higher? Earnings data this week has continued to support the NASDAQ. Early this morning Airbnb made public their quarterly earnings report whereby they beat both earnings per share and revenue expectations. The Earnings Per Share read 25% higher than expectations and Revenue was more than 2% higher. As a result, the stock rose more than 14%. Another company this week that made public positive earnings data is Cisco which rose by more than 2% on Thursday. Another positive factor continues to be the positive employment data. Even though the positive employment data can push back interest rate cuts, the stability in the short term continues to serve the interests of higher consumer demand. The US Unemployment Rate fell to 4.00% the lowest in 8 months. Lastly, investors are also increasing their exposure to the index due to sellers not being able to maintain control or momentum. Some economists also increase their confidence in economic growth if Trump can obtain a positive outcome from the Ukraine-Russia negotiations. However, during Friday’s pre-US session trading, 80% of the most influential stocks are witnessing a decline. The NASDAQ itself is trading more or less unchanged. Therefore, the question again arises as to whether the NASDAQ can maintain momentum above this area. NASDAQ - News and Technical analysis In terms of technical analysis, the NASDAQ is largely witnessing mainly bullish indications on the 2-hour chart. However, the main concern for traders is the resistance level at $21,960. On the 5-minute timeframe, the price is mainly experiencing bearish signals as the price moves below the 200-period simple moving average. The VIX, which is largely used as a risk indicator, is currently trading 0.75% higher which indicates a lower risk appetite. In addition to this, bond yields trade 6 points higher. If both the VIX and Bond yields rise further, further pressure may be witnessed for index traders. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. -
By Stocks4life · Posted
LUNR Intuitive Machines stock watch, attempting to move higher off 18.64 support, target 26 area at https://stockconsultant.com/?LUNR -
By Stocks4life · Posted
CNXC Concentrix stock watch, pullback to 47.16 triple support area with bullish indicators at https://stockconsultant.com/?CNXC
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