ChartPros Market Insights

Originally posted November 2nd and updated on November 13th.

Apple (AAPL) reports earnings after the close today and is making a repeat appearance on our Chart of the Day segment.  Previously featured on August 7th we'll update its chart for earnings.

Using price action technical analysis tools we can see Apple has continued to make lower lows and lower highs on the weekly chart since making its $198.23 all time high (ATH) this past summer.

Nothing technically broken, seemingly just a series of orderly retracements however, see where the market thinks price could head next week!

For anyone who traded $APPL earnings based on our November 2 Chart of the Day... a direct target hit!

Wynn Resorts (WYNN) shares were recently down about 9%, making them one of the S&P 500's biggest decliners.  On Friday Wynn Resorts reached a tentative deal with unions representing workers on the Las Vegas Strip, averting a strike. Price fell another 7% after the announcement.

So does news really have anything to do with a chart or is it technical analysis?

Let's take a look...

Whether you like Domino's Pizza (DPZ) or not, you likely know the restaurant chain and its top-selling product: pizza.   The company is doing something it hasn't done before, working with Uber Eats on the delivery of its pizzas in an attempt to return its stock price to the pandemic time frame $567.57 all time high (ATH) levels.

Trading around $372 earlier today price has retreated significantly from its ATH down to the $285 area before the bulls stepped in to push it up.

From a price action technical analysis perspective on the monthly chart we can see that during that trip price crossed a defined change control zone 7 times...

See the zone...

After peaking around $50 per share this past summer with travelers getting back to the skies Delta Airlines (DAL) stock price has drifted lower recently popping up just before reaching $30.

On the monthly chart we can see that a 3 year old trend line may have had something to do with that...

Trading around $34.50 earlier today can holiday passenger traffic help lift price or could it be strictly due to price action technical analysis?

Big Pharma maker Bristol-Myers Squibb (BMY) has been making headlines lately stating that its stock price, down nearly 40% in the last year, may be a "bargain."

You know what they say about beauty being in the eye of the beholder...

Wait until you see what we found on this chart...

eCommerce provider eBay (EBAY) connects millions of buyers and sellers in 190 markets around the globe.  Technology has always been a driver of their business and in 2021 they hired their first Chief AI Officer.

But since then the company's stock has fallen from its $81.19 all time high (ATH) to below $40 last year with a quick respite to the $50 area before resuming its drop.

Can advances in technology continue to spur success for the company?

JPMorgan Chase & Co. (JPM) is an American multinational financial services firm headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization as of 2023.

Some say that the stock could set new all time highs (ATH) in 2024 while others claim there could be more downside coming.

What we learned about this chart made us go hmmmm.....

Shares of Kraft Heinz (KHC) are trending up despite missing third-quarter revenue expectations. The company also announced a change in its 2023 fiscal year guidance, expecting organic net sales growth of 4-6% from the previous year, as well as establishing global leadership teams to expand growth.

Upon first glance of its monthly chart our first thought was who thought mixing cheese and ketchup was a good idea...

You may think the same thing too when you see the charts. 

Moody's Corporation (MCO) is listed as one of Berkshire Hathaway's top 30 holdings so by default the company gets a lot of attention.

They recently reported third-quarter 2023 adjusted earnings of $2.43 per share, which handily beat the Zacks Consensus Estimate of $2.35. The bottom line also jumped 31% from the year-ago quarter figure.

All sounds like pretty good fundamental information to people like Warren Buffet, often referred to as the "Oracle of Omaha." 

But we prefer looking at a chart with a price action technical analysis lens.

Some analysts are raising their price targets and say Northrop Grumman (NOC) is a leading global defense contractor, providing systems integration, defense electronics, information technology, and advanced aircraft and space technology. The shares are a component of the S&P 500. The company has 95,000 employees.

On the company website it states "Whether it’s making a 200-ton airplane invisible, predicting cyber-attacks before they happen or solving the mysteries of the universe, wherever the boundaries of possible are being pushed, Northrop Grumman is there." 

The latter sounds way cooler to us!  

Regardless of how the company is characterized wait until you see why its chart comes into focus today!

Whirlpool (WHR) shares fell after the appliance maker cut its full-year guidance despite reporting third quarter results that beat estimates.

Shares were down about 5% today trading briefly under $100.  This is dramatically off its $257.68 all time highs (ATH) during the spring of 2021.

See the 13+ year trend line that price could potentially be heading for...

Merck & Co (MRK) reported higher-than-expected third-quarter results on strong demand for its COVID-19 treatment, primarily in Japan, and raised its sales forecast for the drug.

It was about a year ago the company's stock price catapulted to new $119.65 all time highs (ATH) that had previously been set over 20 years ago.

On the monthly chart we can see since breaking the previous $96.69 ATH price has revisited it once already and may want to do so again.