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.

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.

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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

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.

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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.

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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. 

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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.

Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, "Alibaba" or "Alibaba Group") will report its unaudited financial results for the quarter and fiscal year ended March 31, 2023 before the U.S. market opens on Thursday, May 18, 2023, and will hold a conference call to discuss the financial results at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Hong Kong Time) the same day.

For the last 8 quarters price has advanced 50% of the time and declined 50% of the time during earnings week. 

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.

Home Depot (HD) is set to report earnings before market open on Tuesday May 16, 2023.  Based on recent options activity the market is anticipating about a $14.65 move in either direction by the close of market on Friday May 19th.

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.

Should Disney (DIS) long term investors be worried about the stock price's recent and continued battering or should they see it as a time to add more to their portfolio?  Short term traders have had excellent conditions to trade its volatility in both directions between $90 and $115.

The question becomes when will that range break and in which direction?