The semiconductors $SMH are weak today. This is by far one of the most important industry groups to follow as a leading indicator for the NASDAQ.
This Leading Gold Mining Stock $KL Is Finally Pulling Back, Watch This Trade Level One of the leading gold mining stocks in the past year has been Kirkland Lake Gold Ltd (NYSE:KL). This company is a Canada based mid tier gold mining, development and exploration company. The stock broke out to the upside in December 2018 and traded as high as $36.74 a share on February 28, 2019. The stock has now made some lower highs on the daily chart and is consolidating on its 50-day moving average in a bearish manner. This pattern signals some more weakness ahead. Traders and investors should now look for daily chart support around the $29.00 area. This level is where there is an important retrace area and a rising 20-week moving average. This is usually a solid combination for a solid bounce in the stock. Nick Santiago InTheMoneyStocks
Bitcoin Chart Trend Line... WATCH THIS! Bitcoin is hammering on a key trend line, attempting to break-out. If it does, $6,000 target. Note the chart below, it says it all... Gareth Soloway InTheMoneyStocks
The 10-Year Yield Is Testing A Critical Support Level, Watch Out Below! Everyone is talking about about the falling yield on the 10-Year U.S. Treasury Note. Today, the 10-year yield is around 2.395%. Yesterday, the 10-year yield hit the 200-week moving average and this looks to be a critical support level. Trader and investors should note that the 10-year U.S. Treasury Note yield is in a confirmed down-trend on the daily chart. The yield has declined below it's 200 and 50-day moving averages. This is a very weak technical formation and generally a sign that bond yields will decline further in the next few months. Should yields break below this important 200- week moving average it will generally signal a move down to the 2.00% area. Should this occur then the fed funds rate (2.25 - 2.50%) would be above the 10-year Treasury Note yield. This is why the Federal Reserve would likely lower the fed funds rate in the second half of 2019. Nicholas Santiago InTheMoneyStocks
Accenture PLC $ACN Epic Double Top After Epic Run Screams Short Shares of Accenture PLC (ACN) surged higher this morning, hitting a new all-time high at $177.49. This surge higher is significant as price tagged and briefly crossed an epic double top from September 2017. Today's surge followed a vertical run in the stock of 34% from the December 2018 lows. With multiple overbought indicators flashing sell and an epic double top, pro traders are looking to short Accenture. They expect a classic pull back off double top to a pivot of $165.50 in the next week or two. Further out, a drop to $150 is likely. This is a classic technical trade setup for swing traders. Gareth Soloway InTheMoneyStocks
Most restaurant stocks are weak today. $MCD, $DPZ, $CMG, $SHAK, $SBUX are trading in negative territory despite the market rally. I'll be watching $MCD around the $187.00 area for intra-day support.
Walgreens $WBA Tumbles After Earnings, Here's The Trade This morning, leading pharmacy and well-being retail store operator, Walgreens Boots Alliance (NYSE:WBA), is declining sharply after reporting earnings. The stock is trading lower by more than 12.0 percent to $55.71 a share. Traders should note that the stock has been in a down-trend since December 2018 trading below all of its major weekly chart moving averages. The next important support level on the chart will be around the $50.00 area. This is where the stock should have some solid support. This support area would be where the stock broke out of a sideways base in September 2013. There is also a major retrace level and other important major moving averages around this key area. This level should be defended by the institutional crowd when retested. Nick Santiago InTheMoneyStocks
Crude Oil Likely Topping As It Tags Major Resistance/Retrace Level $USO Spot crude oil continued its upward swing today, hitting a high of nearly $62.50/bbl. Pro traders have finally stepped up and started to short the commodity based on the daily 200 moving average being tagged and a cross of the 50% Fibonacci retrace from the highs in September 2018 to the lows of December 2018. The weekly chart shows a classic bear formation as well. Expectations are for a near-term pull back on spot crude oil to $55/bbl. Gareth Soloway InTheMoneyStocks
