ChartPros Market Insights

Dollar General (DG) has been in a "free fall" and is down over 50% this year..

You know the old saying "don't try to catch a falling knife."

We'll leave it at that and a view of the monthly chart.

Shares of MGM Resorts International (MGM) fell after the hotel and casino operator informed the Securities and Exchange Commission (SEC) about a cybersecurity attack, suggesting it will have a material effect on the company.

See the monthly and weekly charts as we've identified levels of interest in both directions in trying to determine and answer the question of "where could price go..."

Today we'll take a look at the Forex pair AUD/JPY.  We can see on the weekly chart that price has steadily been making a series of higher highs and higher lows since April 2020. 

During its ascent price has risen from 60 to nearly 100.  But is it running out of steam?

Perhaps but not necessarily...

Oracle (ORCL) released its quarterly earnings after the bell on Monday and its stock price dropped about 10% in after hours trading.  Some analysts said the drop was based on slowing cloud sales...

But is the drop based on news or just plain price action technical analysis?

Each September 11th I reflect on the lives that were lost that day back in 2001 and all the brave men and women who at anytime worked so hard and sacrificed to protect our great country.  And because of them we sleep freely and soundly at night so thank you to all who serve and protect us.

Today's Chart of the Day is Qualcomm (QCOM), their price jumped this morning on the news that they will provide Apple with 5G chips for the iPhone through 2026.

But was that really the reason?  Maybe...

Through ChartPros Pay It Forward – Traders Helping Traders program the company announced it is awarding scholarships valued at over $1.2M in September. 

Long time ChartPros Trade Room Member and Price Action Mastery graduate Vince Koehn was instrumental in helping Pay It Forward by setting this up through Apex Trader Funding. 

Learn How to Receive Yours!

Smith and Wesson (SWBI) reported better-than-expected financial results on Thursday and their stock is trading about 10% higher today up near $12 a share.

Yeah ok, but from a price action technical analysis perspective does any of that really mean anything to us?

Not really.

We're chartists and traders/investors that only focus on price action.

See where price could be heading... 

Cisco Systems (CSCO) is trading in the $60 area again for only the third time since 2018 and before that it was 20+ years ago.

So are those levels here to stay?  Maybe... but maybe not.

Charles Schwab’s (SCHW) Labor Day weekend conversion of TD Ameritrade accounts seems to have gone off without any major incidents.

Last month the company said that it continues to lose retail customers following its merger with TD Ameritrade that was announced in late 2019.

Overall, the stock price is down about 25% this year. 

See what could happen next...

Since bottoming in April 2020 at $17.01 price has been making a series of higher highs and higher lows. By definition, a clear uptrend.

Recently creating new all time highs (ATH) at $70.65 the stock is trading at $68.57 today so perhaps taking a breather? 

Maybe, but where could price be heading we wondered...

Lululemon (LULU) said second-quarter revenue increased 18% year-over-year to $2.21 billion, which beat the consensus estimate of $2.17 billion, according to Benzinga Pro. The company reported quarterly earnings of $2.68 per share, which beat analyst estimates of $2.54 per share.

In looking at the monthly chart price seemingly has been ping ponging within a range roughly between $300 to $400 occasionally and temporarily moving above or below it for the past three years.

See how we chart within defined ranges like this...

Salesforce (CRM) jumped almost 6% in pre-market trading on Thursday following its better than expected second quarter earnings call where AI efforts took center stage.

Price recently back tested and held a figurative line in the sand level around $200 and hasn't looked back since.

All while traversing through a change control zone between $201.51 and $209.95 a dozen times since August of 2020.  

See where price could be heading...