ChartPros Market Insights

While the New York Stock Exchange (NYSE) was closed Monday in observance of Memorial Day the global after-hours electronic trading system (GLOBEX) opened as normal Sunday evening at 6pm eastern time.  And given the US debt ceiling headline news over the long weekend the S&P 500 futures ticker /ES gapped up about 20 points on the open to keep the bulls firmly in control.

On the current ES weekly chart I've only marked it up with Support/Resistance and Trend. Also known as basic structure. In this view traders can see that price often ping pongs between historical levels before proceeding in its next direction.

If you'd like to enroll in the same exact Introduction to Price Action Trading using Support/Resistance and Trend course that I took earlier in my trading career we're offering it at an incredibly low price this week revealed at this link.

Price action technical analysis is a popular and effective approach to navigating the financial markets, including stocks, options, futures, Forex, Crypto, and Commodity trading.

This article will provide expert tips and insights to help you successfully trade various financial instruments using price action technical analysis. By understanding and applying these concepts, you can improve your trading skills and potentially achieve greater profitability.

While most traders are buzzing about Nvidia's (NVDA) stock going supersonic and making new all time highs Micron (MU) is up significantly as well.  While maybe not quite a meteoric rise but one that has turned fruitful for some patient investors and traders.

With that said, Micron's stock price may be approaching some overhead resistance in the $74-$76 area.

FREE Download - 6 Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones

Before market open today Best Buy (BBY) released its earnings results for the last quarter that pleased Wall St as its stock price popped in after hours trading.

But can the company fundamentally and technically speaking keep defending "lines in the sand" with respect to price action?

FREE Download - 6 Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones

Fibonacci, often referred to as “Fibs”, are one of the most commonly used tools in Price Action Trading for trending markets in helping create measured price movements which can assist you in creating bi-directional future levels of interest and anticipate trend reversal zones.

This free guide will explain to you exactly what Fibonacci retracements and extensions are and how they should properly be used on your charts.

AbbVie Pharmaceuticals (ABBV) stock price has dropped over $20 in the past month from roughly $164 to $142 but that's somewhat typical for firms like this.  While buy and hold investors may be in it for the long haul, options traders often pile in on a particular strike price and expiration date.  Both have made money over the years and both have lost.

From a technical analysis perspective one could say that the weekly chart has formed a "bullish pennant" but the proof is in the pudding as they say...

FREE Download - 6 Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones

Zoom has recently approached what we like to call a line in the sand support level and shied away from it.  Does that mean that price can't go below it?  No, because price can do whatever it wants at anytime, on any chart, for any reason.

Well off its all time $588.84 from October 2021 the bears have been clearly in control.  But has that changed recently, or is this simply a relief bounce before more downside action that could create new all time lows.

FREE Download - 6 Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones

Is more downside incoming for Footlocker (FL)?

The footwear retailer reported dismal earnings last week and an even bleaker future outlook.  With bloated inventories and diminishing cash flow its future dividend sustainability is a huge question mark.

Is a dead cat bounce in store for the company? Maybe, but perhaps not anytime soon.

Would you like charts like this delivered directly to you every day?  ChartPros Trade Room is offering a 7-day free trial at this link.

Most Fibonacci charts that we see posted on the internet are not drawn or used correctly.

Based on institutional algorithms this Free Guide will explain to you exactly what Fibonacci retracements and extensions are and how they should properly be used on your charts.

Download Your FREE Guide Now - Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones

It was just a short year ago that Netflix (NFLX) investors were wondering how much lower its stock price could go down.  Price found a bottom around $165 area after free falling the prior six months from its all time high of $700.

Since July 2022 price has more than doubled closing at $371.29 yesterday and is now reaching for $400 and possibly even higher but not before having to deal with some overhead structure from a price action technical analysis perspective.

Would you like charts like this delivered directly to you every day?  ChartPros Trade Room is offering a 7-day free trial at this link.

After Target (TGT) reported earnings earlier this week its stock price has spectacularly gone nowhere.  Seemingly trading side ways and coiling for its next move on the weekly chart traders can see the squeeze forming.

Which way price goes when it breaks out is anyone's guess because we're not here to predict levels rather, formulate levels of interest in both directions. 

Would you like charts like this delivered directly to you every day?  ChartPros Trade Room is offering a 7-day free trial at this link.

Pfizer (PFE) continues its meltdown through support levels in search of a bottom.  Technically speaking there are more potential support / bounce areas on the horizon.

The stock is down about 40% since December 2021 and down nearly 30% so far this year. 

Would you like charts like this delivered directly to you every day?  ChartPros Trade Room is offering a 7-day free trial at this link.