ChartPros Market Insights

United Parcel Service (UPS) reported earnings before the opening bell today lowering its full-year revenue and operating margin projections primarily to reflect the loss of volume and the higher costs associated with the tentative five-year contract reached with the Teamsters union July 25.

The stock was trading down about 5% in pre-market trading.

So what's next?

We don't predict tops or bottoms nor do we try to trade them.

But now that the Apple (AAPL) chart has "showed its hand" so to speak as to where its all time high actually is (for now) we can begin to take a look for potential tradable levels of interest because there is "two-sided" price action from a technical analysis perspective.

With that in mind we've identified some levels, zones, and areas on the monthly and weekly chart.

Occidental Petroleum (OXY) reported mixed second-quarter financials Wednesday, slightly missing on profit expectations.  But the reason this company is making headlines this week is because it's reported to be Warren Buffett's "favorite energy stock..."

From a price action technical analysis perspective,  so long as there is enough historical data to us a chart is a chart is chart.

Here's our take on the bigger picture.

Bitcoin (BTC) is one of the most requested charts we receive so today we'll take a look into where price could go on this chart.  

First of all, we can see for the past few months that price has been consolidating and clinging to a major level of support/resistance just shy of $30,000 before deciding which direction to move in next.

Is price resting before its next big move?

On Tuesday, industrial equipment manufacturer Caterpillar’s (CAT) stock rose more than 8% after the company’s management said it expects 2023 results "will now be even better than we described during our last earnings call."

This catapulted price into unchartered territory making new all time highs. From a price action technical analysis perspective this can prove to be challenging when charting because there is no historical price structure at these levels.  

Challenging, but not impossible.

I once had a mentor that would often say after getting into a trade or investment "well it can only go to zero..."

And Tupperware (TUP) almost did.

Once trading near $100 back in 2014 the company's stock hit rock bottom at $0.61 just a few short weeks ago. And today the stock opened up above $5.

How can that be?

In response to all the Forex chart requests we've received today's chart of the day USD/JPY is presented in both a higher time frame weekly chart and a lower time frame 4 hour chart.

This allows for a birds eye view to help determine market sentiment and directional assessment for those who considers themselves "traders vs investors".

Levels of interest are presented in both directions.

ADP (ADP), a leading global technology company providing human capital management solutions, announced their 4Q earnings earlier this week. And while the stock has been a steady climber since dipping down to the $201 area back in April, price seemingly has taken a breather the past two days since surging above a major support/resistance level at $248.96.

In what could be a classic "break and retest" of a major level, price may have a big decision to make if it were to make it up to the $260 area in the face of support/resistance, trend, and Fibonacci.  All could pose a formidable detour for price or all could simply be ignored by price.

So what's next?

Honeywell (HON) beat earnings estimates but the stock Is falling in after hours trading?

How can that be?

From a price action technical analysis perspective price and do whatever it wants, whenever it wants, for any reason.  This is true for all equity, futures, commodities, Forex, Crypto, etc. charts across all time frames.

Chevron (CVX) surprised Wall St. Sunday, releasing better-than-expected second-quarter figures early, along with announcing changes to its leadership structure.

Essentially, a lot of fundamentals that had very little impact on its stock price from a price action technical analysis perspective.

Or did it?

General Motors (GM) reported strong revenue and earnings before the market open today.  For the quarter, GM reported top-line revenue of $44.7 billion, beating street estimates of $42.82 billion. GM's Q2 revenue rose 25% jump from a year ago and 11.8% sequentially. GM's adjusted earnings per share (EPS) came in at $1.91, versus the $1.65 the street was expecting.

One might think that its stock price sky rocketed on the open today, but actually it's trading down nearly 3%...

How can that be?  Find out in our Chart of the Day...

Alphabet Inc. (Google ticker GOOGL) reports earnings July 25th after market close.  The charts below are for its Class A shares which since October 2022 have been making a series of higher highs and higher lows until recently meeting some resistance in the $125 - $130 area and consolidating before deciding on a direction for its next move.

By using the "at the money" straddle options pricing, the market is implying about a $7.40 move in either direction between now and the end of this week (as notated on chart at the time of this writing.)

So what's next?