ChartPros Market Insights

Invesco QQQ is an exchange-traded fund (ETF) that tracks the Nasdaq-100 Index.

QQQ delivers exposure to companies that are at the forefront of transformative, long-term themes such as Augmented Reality, Cloud Computing, Big Data, Mobile Payments, Streaming Services, Electric Vehicles, and more.

See our levels of interest on this very bullish chart that may be cooling off and taking a breather...

As the saying goes in baseball: "Swinnnggggggg and a miss!"

That's the type of sentiment around Goldman Sachs (GS) after they reported earnings on July 19th.

Profits plunged 58% during the second quarter as the Wall Street giant struggled with its core businesses while taking nearly $1 billion in charges on its real estate holdings.  It was the firm's lowest quarterly profit since early 2020.

See what's ahead for its chart.

Carvana (CVNA) stock spiked as much as 27% in pre-market trading on Wednesday after the online care retailer announced a deal to restructure its debt and adjusted profits that beat analyst expectations before the opening bell.

What seems to be peculiar about this is the company wasn't scheduled to report earnings until August. But, they made an announcement just yesterday that earnings would be released today which sent the stock down about 10% on the day.

Note to self - anytime a company changes its earnings date there's probably some big news driving it...

Can you hear us now...

Verizon (VZ) shares have tanked since a Wall Street Journal report revealed the telecom giant's historical use of lead-covered cables is contaminating many parts of the country. The threat of potential legal action and uncertainty about how the lead issues will be resolved have prompted multiple Wall Street firms to downgrade the stock.  AT&T (T) was also named in the WSJ report and their stock is now at a 30 year low.

So is it time to rush in and buy either of these? Hmmm.... Not so fast.

Wells Fargo (WFC) is one of the largest banks in the US.  They reported earnings last week that surpassed Wall Street's estimates that initially popped the stock price up and over $45 per share.  

From a price action technical analysis perspective the news moved price into some potential overhead resistance in the form of support/resistance and Fibonacci structure that initiated some selling pressure.

But the question remains is that the bears stepping in or just the bulls taking some profits off the table because since last quarter's earnings the price has moved up from $35.

The euro (EUR) is the world’s second most traded currency, while the Japanese yen (JPY) is the world’s third most traded currency, resulting in an extremely liquid pair.

Price has been consistently making a series of higher highs and higher lows during the past 3 years and recently broke above long time resistance at 150 reaching levels not seen in over 13 years.

From a price action technical analysis perspective this chart provided a nice pull back long opportunity this week as seen on the daily chart but the question remains can the upward trend continue and if so for how long?

Communications giant AT&T (ticker T) has been tiptoeing and flirting with really breaking down from a price action technical analysis perspective.

Simply looking at support/resistance and trend as taught in our Introduction to Price Action Trading course one can see that price is once again at a major decision zone or "line in the sand" as it can often be referred to.

As the saying goes, the level will hold until it doesn't... And for the last 20 years this area on the chart has held multiple times.

But if it doesn't, this would probably create "panic mode" for management and investors.

MillerKnoll (MLKN) investors are wondering if the stock has reached solid footing and found a bottom after dropping from its all time high of $51.25 to its recent $13.37 low over the last two years.

With earnings set to be released after the bell today, and price currently trading slightly above $16 management and investors are "hopeful."

Meta, (ticker META) the company that grew up on the heals of Facebook and Instagram, continues to make waves in the market place with its stock price and most recently its direct Twitter competitor, Threads.

Threads surpassed 100 million new user sign ups during its first week after announcing its new social media platform.  With its built in Instagram audience (required for new Threads account) the user count is likely to continue its meteoric rise.

But can the same be anticipated for Meta's stock price?

One of the hottest stocks during the past month or so has been Mattel (MAT).  Largely in part due to the anticipated "Barbie" movie scheduled to hit theaters on July 21 and the hype around the company's branding efforts in support of it.

Investors have been crowing about per share increase from $15.37 to its recent $21.10 high since March 2023.

That may not sound like a lot, but percentage wise this stock has outpaced Hasbro, Meta, Apple, and Nvidia the past month alone.

It was 4^th of July, 1976 when I was 11 ½ years old and I can still vividly remember all the fuss and excitement about our country’s 200^th birthday – the bicentennial.

Have a happy and safe holiday.

God Bless the USA!

Paychex, Inc. (PAYX) reported fourth-quarter FY23 revenue growth of 7% year-over-year to $1.23 billion, beating the consensus of $1.22 billion.

The company's stock was down nearly 5% yesterday prior to the  announcement which came after market close. 

So does that mean the stock will pop right back up today because it surpassed earnings estimates? 

Perhaps, but maybe not...