Is Apple Inc (AAPL) Making A Scary Head And Shoulder Pattern? Shares of AAPL Inc. (NASDAQ:AAPL) may be forming a bearish head and shoulder pattern. This tells us that today's pop may just be a short lived move, helping to form the right shoulder. If true, the head and shoulder formation states that Apple should start heading lower by Thursday or Friday of this week, never taking out its all-time high. Once it breaches the neck-line at approximately $155.25, the stock will flush sharply, with a downside target of $147.00. I am putting this on watch. Gareth Soloway InTheMoneyStocks
Airline Stocks Nosedive, When Will They Take Off Again? Many of the major airline stocks topped out in early July. Leading airlines such as Delta Air Lines, Inc.(NYSEAL), American Airlines Group Inc(NASDAQ:AAL), United Continental Holdings Inc(NYSE:UAL), Southwest Airlines Co(NYSE:LUV) and others carriers have been all been falling lower since that peak. This decline in the airline sector comes despite the low price of fuel. Traders should now watch these stocks closely as they come into very attractive support levels on the charts. One airline that is coming into a major support level is Delta Air Lines, Inc.(NYSEAL). This stock peaked out on July 13, 2017 at $54.48 a share, today DAL stock is trading at $44.45 a share. I will be watching the $42.00 area very closely for a long(Buy) side trade. This price level was defended in May 2017 and will likely be defended again when it is retested. Many other airline stocks are also looking very attractive so stay tuned as those price levels will be released in the Daily Market Report(part of the Research Center) very soon. Nicholas Santiago InTheMoneyStocks
Swing Trade Buy Alert: United Continental Holdings (UAL) The whole airline sector is nearing major support. One of my favorites is United Continental Holdings Inc (NYSE:UAL). After falling from near $82 to its current $63, it is finally oversold and near major technical support. Investors should be looking at $61.50 as a huge bounce level. This is a great swing trade with an upside target of $70.00. Gareth Soloway InTheMoneyStocks
Southwest Airlines Co(NYSE:LUV) Is Now On The Radar Yesterday, I talked about how all of the major airline stocks have been under pressure since early July. This industry group has been steadily declining over the past eight weeks. The sector is now getting very oversold, but that does not mean that these stocks will not trade lower in the near term. Many of these stocks in the group are now approaching very attractive trade levels. Southwest Airlines Co(NYSE:LUV) is a stock that is now on my radar. This stock topped out on July 7th at $64.39 a share. Today, LUV stock is trading as low as $51.65 a share, so you can see how much this stock has sold off already. I will now be watching the $48.75 area as the next major support spot on the chart. This was a level that was tested in late January 2017 and should serve as major support when retested. Nicholas Santiago InTheMoneyStocks
Insurance Stocks Dump After Hurricane Harvey As you all know, many of the leading insurance stocks are selling off today after Hurricane Harvey hit Texas. The damage from the storm is unprecedented and the final costs to the insurance companies will not be known for a while. Insurance stocks such as Travelers Companies Inc(NYSE:TRV), Allstate Corp(NYSE:ALL), Progressive Corp(NYSEGR) and others are trading sharply lower during today's trading session. Travelers Companies Inc(NYSE:TRV) is a leading component of the Dow Jones Industrial Average(DJIA). This stock is weighing on the DJIA today since this index is price cap weighted. Today, TRV stock is trading lower by $3.73 to $122.74 a share. The stock is now approaching its 200-day moving average which will be short term support. Unfortunately, by the time the dust settles on the damage in Texas this stock could actually decline further. Traders should now focus on the $118.00 area as the next major chart support level. This level was defended in April 2017 and will likely be major support again when retested. Nicholas Santiago InTheMoneyStocks
Lower Highs Signal Further Downside For Home Depot Inc Home Depot Inc (NYSE:HD) was one of the market leading stocks until May 16th when it peaked at $160.86 a share. Since that high pivot the stock has been making a series of lower highs on the daily chart. When a stock forms this type of pattern it will usually indicate lower prices ahead before a significant bottom is formed in the equity. At this time, HD stock price is trading below the important 50-day moving average which signals weakness in the near term. Traders should note that the next major support area on the chart for HD stock is around the $139.00 level. This is a level where the stock broke out in February 2017. Often, former break-out levels will serve as major support when retested. Nicholas Santiago InTheMoneyStocks
Here Is Where $BBY Will Fall Before It Bounces Hard... Shares of Best Buy Co Inc (NYSE:BBY) fell sharply as profit taking took control following solid, but not amazing earnings. Best Buy was one of the only retailers trading near/at 52 week highs. This made it vulnerable to selling even with a strong quarterly report. The stock is dropping by 12% today, trading at $55.00. Based on technical chart analysis, it should continue to fade in the coming days until it hits a major technical support at $50.00. The $50.00 level is a technical gap fill support point as well as the daily 200 moving average. I will look to potentially buy Best Buy Co Inc here for a swing trade bounce back to $55.00 (+10%). Gareth Soloway InTheMoneyStocks
Wells Fargo & Co(NYSE:WFC) Keeps Falling, Where's The Bid? As you all know, Wells Fargo & Co(NYSE:WFC) stock has been declining for quite some time now. The company was caught in a bogus account scandal that has resulted in numerous fines and congressional investigations. These problems at the bank are still lingering, but history suggests that Wells Fargo & Co will resolve these issues eventually. Recently, the stock topped out on June 29th at $56.60 a share. Since that high pivot in the stock the price has now declined to $50.97 a share. The stock is also trading below its important 50 and 200-day moving averages. This formation puts the stock in a weak technical position. Traders and investors should watch the $46.00 area as the next major support level on the chart. This is an area that was defended in November 2016. Often, past levels that are support will be defended again when retested. This is a spot where the stock should catch a bid. Nicholas Santiago InTheMoneyStocks
Major Test For NASDAQ 100: Is This Bullish Or Bearish? The NASDAQ 100 (QQQ) has seen massive buy interest in the last three trading days. The two areas seeing the most money flow are biotechnology and key stocks like Apple (AAPL), Facebook (FB), Netflix (NFLX). Basically the FANG names. As a pro, my eye jumps right to the high on the QQQ $146.00 previous high made on July 27th. When this high was made, we saw a massive reversal. Today, we have tested that high again. The big question for any pro trader is, will we close the day above that high? Why is that significant? On a technical basis it will erase that bearish reversal day from July 27th. Should the NASDAQ 100 (QQQ) close above that level, it becomes a bullish chart with likely further upside. However, if the QQQ fails to close above it, the bearish reversal from July 27th still has control. I hope this explains how an expert analyzes a chart to determine a bullish or bearish bias. Gareth Soloway InTheMoneyStocks
Bond Yields Plunge, Alert! Today, the yield on the 10-year U.S. Treasury Note is declining lower by 7.0 basis points to 2.089 percent. This tells us that money is now pouring into bonds. Why would capital go into stocks if everything was so great? After all, the stock market ended higher last week ahead of the Labor Day holiday. Was that just a bull trap for investors? Perhaps it was, but the bond market has been know in the past to be smarter than the stock market. The key support level for the 10-year U.S. Treasury Note yield had been 2.10%, but today that level is being sharply breached signaling much further downside in the yield. Remember, when yields decline bond prices rise. Lower bond yields will also hurt the financial stocks. This is evident today as you see stocks such as Goldman Sachs Group Inc(NYSE:GS) and JPMorgan Chase & Co.(NYSE:JPM), each falling by more than 2.0 percent on the session. Tonight, I will be releasing the next key support level for the 10-year U.S. Treasury Note yield in the Daily Market Report. Nicholas Santiago InTheMoneyStocks
