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Equity Markets Struggle to Hold onto "Go" trend as Industrials Try to Lead | Apr 15 2024

Good morning and welcome to this week's Flight Path. The equity "Go" trend continued this week but we saw some weakness as GoNoGo Trend paints a string of weaker aqua bars to close out the week. We haven't seen a new high in a few weeks and so we will watch this week to see if the "Go" trend can hold. Treasury bond prices maintained the "NoGo" strength that we spotted last week as we saw a string of uninterrupted dark purple bars. The commodity index continued to shows strength this week as blue "Go" bars reigned supreme. The dollar also had a very strong week as it regained bright blue bars and hit new highs.Equities Hanging on by a Thread to "Go" TrendSince the last Go Countertrend Correction Icon (red arrow) have seen price struggle to go higher. Indeed, we have fallen from those highs and started to paint a more weaker aqua bars of late. This is the strongest threat to the "Go" trend we have seen in several months. GoNoGo Oscillator fell to the zero line and it has struggled to regain positive territory. In fact, we have seen it dip into negative territory and even a quick retest of that level. The oscillator was turned away by zero back into negative territory which means that momentum is out of step with the "Go" trend. We will want to see the oscillator regain positive territory if the "Go" trend is to survive.We see a first crack in the armor of the weekly "Go" trend. Another lower close was painted a weaker aqua color by GoNoGo Trend. As GoNoGo Oscillator falls from overbought territory we see a Go Countertrend Correction Icon (red arrow) telling us that price may struggle to go higher in the short term. If we turn our eye to the lower panel we can see that GoNoGo Oscillator is falling sharply. We will watch closely as the oscillator approaches the zero line. We will need to see the oscillator find support at that level as we know that in a healthy "Go" trend the oscillator should stay at or above zero.Rates Set Another Higher HighA week of uninterrupted strong blue "Go" bars sees price set another higher high this week on the daily chart of U.S. treasury rates. We do see a Go Countertrend Correction Icon (red arrow) which indicates price may struggle in the short term to go higher. Perhaps a pause then, as GoNoGo Oscillator turns around and heads for the zero line. As price momentum cools, and price falls from its recent high, we will watch to see if the oscillator finds support as it drops to the zero line.Dollar Soars this Week as Price Jumps to New HighsWhat a bounce for the dollar in the second half of the week. It was no surprise that price pulled back after the Go Countertrend Correction Icon (red arrow) and so as we identified a little trend weakness due to the aqua "Go" bars. It was then important to watch the oscillator panel as it tested the zero line on heavy volume (darker blue oscillator line). Quickly finding support, it rallied back into positive territory and that gave price the push it needed to gap higher twice in 3 days and cement new highs.The longer term chart shows that we have clearly broken above a strong resistance level that has been on the chart since October of 2023. With open skies ahead, and momentum surging in the direction of the "Go" trend we will look for price to consolidate at these levels and potentially move higher. GoNoGo Trend is painting strong blue "Go" bars for a 4th consecutive week.

This trader’s ‘core’ bullish position washes out as major S&P 500 supports break down

McMillan: Investment picture has changed and investors need to adjust their view now.

Here’s how much Netflix’s co-CEOs and other executives made last year

Greg Peters got a nearly 43% pay bump in 2023 after he was elevated to co-chief executive for nearly all of the year, Netflix Inc.’s latest proxy filing showed.

Why Netflix’s big planned change to its earnings reports is a bad sign

On Wall Street, less disclosure is never a good thing, and Netflix investors should be displeased by a planned reporting change.

Rocks over Stocks | GoNoGo Show 041824

The S&P500 trend conditions have reversed into "NoGo" and strengthened to purple bars. Alex Cole and Tyler Wood, CMT identify intermarket forces including rising rates ($TNX) and a strong US Dollar (UUP) that can provide headwinds to risk assets. A strong "Go" trend in the volatility index ($VIX), though still hovering around 20 also correlates to the new risk off characteristics on this environment. This week we again take a closer look at GoNoGo Trend® conditions across a diverse array of the commodities markets including precious and industrial metals ($GOLD, $COPPER), softs ($COCOA, $COFFEE) and energy ($OIL) all trending in "Go" conditions and outperforming US equities ($SPY) on a relative basis. To express this thesis, Alex and Tyler look at a few equities that stand to benefit from these trends including: Freeport McMoran (FCX), Harmony Mining Inc (HMY) and Marathon Oil (MRO).The rotation of market leadership into cyclical sectors held up this week as shown in the GoNoGo Sector RelMap®. Energy ($XLE), industrials ($XLI), and materials ($XLB) maintain their trend of outperformance against the S&P 500 index. Interestingly, Communications ($XLC) and Utilities ($XLU) have also joined the leadership group. Alex and Tyler dig deeper into the industry group level within the materials sector (XLB) to see aluminum, non-ferrous metals, and mining groups leading relative outperformance. On an absolute basis, materials have corrected to neutral amber bars as the GoNoGo Oscillator® rests at zero. Finally, Alex and Tyler review a similar risk-off condition in the cryptocurrency space as Bitcoin ($BTCUSD) reverses to "NoGo" trend conditions and what to watch for next in terms of trend continuation and opportunities to enter on pullbacks.Follow: https://twitter.com/ChartsGonogoConnect: https://www.linkedin.com/company/gonogo-charts-llcLearn More: https://www.gonogocharts.com/Rocks over Stocks | GoNoGo Show April 18, 2024

Frontier Communications is latest company hit by cyberattack

Frontier’s stock was falling after the disclosure, though the company says the cyber incident is not expected to ‘materially impact’ financials.

This major bond ETF is getting ‘hammered’ as investors brace for rate-cut delays

In the bruised bond market, some investors may be tempted by higher yields as questions swirl around when — and whether — the Federal Reserve may start cutting interest rates this year.

Netflix (NFLX) Q1 2024 profit tops expectations; adds 9.3Mln subscribers

Streaming giant Netflix, Inc. (NASDAQ: NFLX) Thursday reported a sharp increase in net profit for the first quarter of 2024. Revenues were up 15% year-over-year. Both numbers exceeded Wall Street’s […] The post Netflix (NFLX) Q1 2024 profit tops expectations; adds 9.3Mln subscribers first appeared on AlphaStreet.

PepsiCo (PEP) to report Q1 earnings next week. Here’s what to expect

PepsiCo, Inc. (NASDAQ: PEP) is preparing to report first-quarter results on April 23, before the opening bell. Of late, the food and beverage giant has been busy aligning its business […] The post PepsiCo (PEP) to report Q1 earnings next week. Here’s what to expect first appeared on AlphaStreet.

Bajaj Auto set to ride into Egypt with its "Qute" platform

But all isn#39;t rosy for the company. Bajaj also flagged that the currency situation in Egypt is bad and can#39;t start pumping out as many units as desired.

L'Oreal Q1 Results: Sales jumps 9.4% on strong mass market demand

L'Oreal's Q1 sales rose 9.4%, beating expectations amid U.S. and China market worries. Maybelline, Lancome brands led the 11.24 billion euros revenue. Ulta Beauty, e.l.f. Beauty, Coty faced pressure. Estee Lauder, North America, Europe impacted.

What to expect when Southwest Airlines (LUV) reports Q1 2024 earnings results

Shares of Southwest Airlines Co. (NYSE: LUV) were up 2% on Thursday. The stock has dropped 8% over the past one year. The airline is scheduled to report its first […] The post What to expect when Southwest Airlines (LUV) reports Q1 2024 earnings results first appeared on AlphaStreet.

Bajaj Auto plans 6 new launches in next 6 months; bridges gap in #39;upper-half#39; from 10% to 2%

The company is also planning to launch the world#39;s first CNG bike, which will halve the commuting expenses

Bajaj Auto to maintain margins despite ramping up unprofitable EV business

By selling a record 40,000 Chetak units in the current quarter, Bajaj Auto has contained incremental cost drag through RD-driven cost savings, said the company.

Bajaj#39;s ramp up plan for Bajaj e-autos: One store addition every two days

Bajaj Auto#39;s three wheeler market segment grew to 78 percent in FY24

ET Market Watch: Sensex down 455 points, banking stocks slump

Technical Breakout Stocks: How to trade Justdial, Jio Financial Services and Bharti Airtel on Friday

Indian market closes red for the fourth consecutive day, with S&P BSE Sensex falling over 450 points and Nifty50 below the 22,000 mark. Telecom stocks rise, while consumer durables and energy witness a decline.

Infosys records highest ever yearly TCV at $17.7 bn; posts $4.5 billion in Q4

The record TCV wins were despite a challenging macroeconomic environment and an ongoing slowdown in discretionary spending.

Netflix Q1 2024 Earnings: Stay tuned for the live earnings call and real-time transcript

Video streaming giant Netflix, Inc. (NASDAQ: NFLX) is scheduled to report first-quarter 2024 financial results today after regular trading hours. Listen to Netflix’s earnings call live and check the real-time […] The post Netflix Q1 2024 Earnings: Stay tuned for the live earnings call and real-time transcript first appeared on AlphaStreet.

Earnings Summary: Genuine Parts reports higher Q1 sales and adj. earnings

Genuine Parts Company (NYSE: GPC), a leading automotive replacement parts distributor, Thursday reported financial results for the first quarter of 2024. First-quarter sales came in at $5.8 billion, slightly higher than […] The post Earnings Summary: Genuine Parts reports higher Q1 sales and adj. earnings first appeared on AlphaStreet.

Clients willing to have pricing discussions due to onsite inflation, says Infosys CFO

On similar lines, larger rival Tata Consultancy Services had told Moneycontrol that the company has a "greater opportunity" to improve pricing.

BSE cautions against fake videos of MD & CEO Sundararaman Ramamurthy recommending stocks

BSE warns against circulating fake videos impersonating CEO Sundararaman Ramamurthy for investment advice on social media. Caution includes misrepresentation, deceptive means, personal information sharing, and Economic Times disclaimer.

CSX Co.: The Railroad Powering Ahead with an Earnings Beat

CSX Corporation, a major freight railroad, exceeded analyst expectations with its strong first-quarter 2024 earnings report.

Mobilisation via corporate bonds hits all-time high in FY24

The highest mobilisation through debt private placements during the year was by NABARD (Rs 65,393 crore) followed by REC (Rs 52,140 crore), HDFC (Rs 46,062 crore), PFC (Rs 45,130) and SIDBI (Rs 38,600 crore)

US stocks tick up on megacaps, earnings boost

Megacap growth stock Meta Platforms outpaced peers and gained 2.7% after Bernstein raised its price target to $590, a sixth such hike on the stock this week.

Market Trading Guide: Bharti Airtel, PVR INOX among 6 stock recommendations for Friday

"The short-term trend of the Nifty remains weak. There is a possibility of some more weakness down to 21,800-21,700 levels in the coming sessions," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

3 Steel Stocks Could Soar on New China Tariffs

As the U.S. looks to return to China tariffs, the domestic steel and aluminum manufacturing industry could push these three stocks to soar.

Infosys Q4 Results: Profit zooms 30% YoY to Rs 7,969 cr; co pegs FY25 revenue growth at 1-3%

What's Driving Tesla Lower Ahead of its Earnings?

Faced with several challenges and negative sentiment, Tesla has experienced a turbulent 2024 so far, with its stock down close to 40%.

D.R. Horton Stock Has Tailwinds To Drive it Higher

D.R. Horton had a solid quarter, with growth outpacing consensus, and the guidance improved. Cash flow is robust and drives a healthy capital return.

Here are the Pros and Cons of Using Options Put Credit Spreads

In last week’s stock options article, we reviewed the pros and cons of debit spreads. When you believe a stock is going higher but want to limit your downside

Zee Entertainment Enterprises, SAIL among 5 stocks with top long unwinding

Sensex falls! These stocks fell 5% or more in Thursday's session

In the Nifty pack, 8 stocks closed in the green, while 41 stocks ended in the red.

Infographic: How Alaska Air Group (ALK) performed in Q1 2024

Alaska Air Group (NYSE: ALK) reported its first quarter 2024 earnings results today. Total operating revenue increased 2% year-over-year to $2.23 billion. Net loss amounted to $132 million, or $1.05 per […] The post Infographic: How Alaska Air Group (ALK) performed in Q1 2024 first appeared on AlphaStreet.

IndiGo, AU Small Finance Bank among 5 stocks with top short covering

Short covering signals a shift in view on security from extreme bearishness to bullishness.

Can Netflix Stock Continue Into All-Time Highs After Earnings?

Netflix's earnings show the company's fundamentals are stronger than ever, and analyst price targets show double-digit upside ahead.

Akash Bhanshali picks stake in this multibagger, trims in 2 other smallcaps

Bhanshali has added Pan Electronics India into his kitty with purchase of a 2.50% stake in the January to March period. The stock has been in top form this year with over 70% returns so far. Over a one-year period the gains extend to 97%. This is significantly higher than the 26% returns given by Nifty in the same period.

Infosys Q4 Results: Profit jumps 30% YoY to Rs 7,969 crore; co sees FY25 revenue growth at 1-3%

Infosys Q4 Results: Revenue from operations in the fourth quarter stood at Rs 37,923 crore, up 1% from Rs 37,441 crore clocked in the previous year's quarter. The IT major expects operating margins to be anywhere between 20-22% in the current fiscal.

Stock market update: Fertilisers stocks down as market falls

The 30-share BSE Sensex closed down 454.69 points at 72488.99

Stock market update: Stocks that hit 52-week highs on NSE in today's trade

AAA Technologies, Exicom Tele-Systems, NGL Fine Chem, Just Dial and Bhagiradha Chem, hit their fresh 52-week highs during the day.

These are the Top 4 Stocks for Buybacks in 2024

Share repurchases are a powerful force for share prices. Companies that buy back shares help support the market for their stocks and boost investor confidence.

2 spectacular passive income stocks I’d feel confident going all in on

While it's true that diversification is key when it comes to safe and reliable investing, these two passive income stocks tickle my fancy. The post 2 spectacular passive income stocks I’d feel confident going all in on appeared first on The Motley Fool UK.

9 stocks that Fools have been buying!

Our Foolish freelancers are putting their money where their mouths are and buying these stocks in recent weeks. The post 9 stocks that Fools have been buying! appeared first on The Motley Fool UK.

Could dirt cheap Volex be one of the best UK stocks to buy today?

When looking for stocks to buy, it can pay to seek out long-term growth potential at a reasonable price. One company that offers both right now is Volex. The post Could dirt cheap Volex be one of the best UK stocks to buy today? appeared first on The Motley Fool UK.

Week Ahead: NIFTY May Stay Subdued Over the Truncated Week; Defensive Play May Seem Evident

Going into the previous week, the markets had been expected to inch higher; however, at the same time, while it was believed that incremental highs may be formed, it was also expected that a runaway move would not happen. Over the past four trading sessions, the markets traded precisely on these analyzed lines. The Nifty formed a fresh lifetime high of 22775, but at the same time, it came off from those highs as well. The trading range also got narrower as the Nifty oscillated in a 271-point range. Volatility increased slightly; IndiaVIX rose marginally by 1.72% to 11.53. The headline Index Nifty closed flat with a negligible weekly gain of 5.70 points (-0.03%).The previous week was truncated, as Thursday was a trading holiday on account of Eid-ul-Fitr. The coming week is also truncated, with Wednesday being a holiday on account of Ram Navmi. Due to this, BankNifty Options has its shortest expiry, as they would expire as early as Tuesday. The level of 22775 creates a new intermediate top for the markets; over the coming days, no runaway up move is expected so long as the Nifty stays below this point. At the same time, the nearest support for the index exists much below the current levels at 20-week MA, which is placed at 21827. By and large, the markets are likely to stay in a broad trading range.The markets may see a soft start to the week on Monday. The levels of 22650 and 22775 are likely to act as potential resistance points. The supports come in at the 22400 and 22280 levels.The weekly RSI is at 69.87; it has crossed under 70 from the overbought zone. When subjected to pattern analysis, RSI continues to show negative divergence against the price. It has also formed a new 14-period low, which is bearish. The weekly MACD is bearish and remains below its signal line.The pattern analysis shows that the Index has continued resisting the upward-rising trendline on the weekly charts. The upward-rising nature of the trendline is allowing the Nifty to form incremental highs; however, it is also providing strong resistance to the index as it tries to move higher. As of now, the Index has been resisting this pattern resistance every week, and this time it faced selling pressure as well. A bearish divergence on the RSI continues to exist; the nearest support for the Index may be found at the 20-week MA, which is placed at 21827.All in all, the risk-off setup might continue to persist for some time. Technical rebounds in the markets may be seen; however, it is strongly recommended that such rebounds be utilized to make exits and protect profits at higher levels. All fresh purchases may be kept limited to defensive pockets, and more emphasis must be placed on getting into stocks with stronger relative strength as such stocks tend to offer resilience during corrective times. Overall, while keeping leveraged exposures at modest levels, a cautious outlook is advised for the coming week.Sector Analysis for the coming weekIn our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.Relative Rotation Graphs (RRG) show a loss of relative momentum among many sectors that are placed inside the leading quadrant. The Nifty PSU Banks, Pharma, and Commodities are inside the leading quadrant. However, they are seen giving up on their relative momentum against the broader markets. The Metal Index and Auto Index seem relatively better placed inside the leading quadrant.The Nifty Energy and Infrastructure indices have rolled inside the weakening quadrant. They are likely to start slowing down on their relative outperformance. Besides these groups, the PSE and the Realty indices are also inside the weakening quadrant.The Nifty IT, Media, and FMCG indices stay inside the weakening quadrant.The Nifty Financial Services, Services Sector Index, BankNifty, and Consumption Index remain inside the improving quadrant and may offer resilient performance relative to the broader markets.Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.Milan Vaishnav, CMT, MSTA Consulting Technical Analyst www.EquityResearch.asia | www.ChartWizard.ae

KMI Earnings: Kinder Morgan Q1 2024 adjusted profit increases; revenue drops

Kinder Morgan, Inc. (NYSE: KMI) reported higher adjusted earnings for the first quarter of 2024 despite a decrease in revenues. The energy infrastructure company also issued guidance for the full […] The post KMI Earnings: Kinder Morgan Q1 2024 adjusted profit increases; revenue drops first appeared on AlphaStreet.

United Airlines Soars on Earnings Beat

United Airlines' Q1 earnings demonstrate a robust recovery trajectory, with improving financials and a focus on operational efficiency and profitability.

Kinder Morgan Q1 2024 Earnings Call: Listen Live and Follow Along with the Real-Time Transcript

Energy infrastructure company Kinder Morgan, Inc. (NYSE: KMI) will be reporting first-quarter 2024 financial results today after regular trading hours, amid expectations for an increase in earnings and revenues. Listen […] The post Kinder Morgan Q1 2024 Earnings Call: Listen Live and Follow Along with the Real-Time Transcript first appeared on AlphaStreet.

Will NFLX Pierce Through Resistance With Breakthrough Earnings? Here's What You Need to Know

It's showtime! On Thursday, after the stock market closes, Netflix, Inc. (NFLX) will announce Q1 earnings. The stock is close to a major resistance level. Will it break through when it reports earnings? Or will it fall? The answer depends on whether it beats or misses.Wall Street analysts expect stellar results—NFLX is expected to report adjusted EPS of $4.52 per share, well above the $2.88 in the prior-year quarter. Revenue is projected at $9.27 billion, up 13.6% from a year ago.A Longer-Term View of NFLX StockLooking at the weekly chart of NFLX (see below), the stock price is approaching its all-time high. NFLX stock is trading above its 13-week simple moving average (SMA), and its relative performance suggests NFLX is underperforming the S&P 500 ($SPX) on a weekly scale.Note: The 13-week SMA represents one quarter.FIGURE 1. WEEKLY CHART OF NFLX STOCK. NFLX has been trending higher since July 2022. Whether the stock continues in this direction depends on its earnings report. The stock is close to its 13-week SMA and is approaching a strong resistance level.Chart source: StockChartsACP. For educational purposes.If NFLX beats analyst estimates and delivers strong guidance, its stock price could reach its all-time high and have enough follow-through to rally higher. NFLX has a lot up its sleeve.Despite increasing competition from Apple (AAPL), Amazon (AMZN), Walt Disney (DIS), and Comcast (CMCSA), NFLX has maintained its leadership position in the streaming space. NFLX continues releasing more content and plans to expand its sports offerings, including the live event of Mike Tyson vs. Jake Paul this summer. There are lots of other sports content in the works, all of which are expected to appeal to a broader audience.If all goes as expected, NFLX could soar well past $700, but earnings reports can move the stock price either way. With the earnings release coinciding with an overall equity market correction, if earnings disappoint or if guidance is weak, NFLX could see a massive selloff. Some areas that could be soft are advertising revenue and the number of new memberships.If the stock price falls below its 13-week SMA, it could be a repeat of what occurred at the end of 2021 after the stock price hit its all-time high. Note how steep the descent was.A Shorter-Term ViewTurning to the daily chart, NFLX stock is trading just above its 50-day SMA, but the relative strength index (RSI), an indicator that gauges momentum, presents an intriguing picture. While NFLX's stock price was trending higher (late Jan to April 2024), the RSI (lower panel) was trending lower. This raises a red flag, since it indicates that momentum is slowing—a bearish divergence.FIGURE 2. DAILY CHART OF NFLX STOCK. The divergence between price and RSI is concerning, but that could be because investors await the earnings results before deciding to buy or sell NFLX stock.Chart source: StockChartsACP. For educational purposes.This begs a sanity check to see if NFLX is technically strong. Adding the StockCharts Technical Rank (SCTR) to the chart is helpful. The SCTR score is at around 97, which indicates that NFLX is still a strong stock (upper panel).Final ThoughtsLooking at the options quotes for NFLX in StockCharts, the implied volatility (IV) of options expiring on Friday, April 19, is around 150%. This means you can expect a lot of volatility in NFLX's stock price around the earnings date. This may explain why the RSI has declined—investors are awaiting the earnings report.There's also increased activity in the out-of-the-money call options, which indicates that the directional bias is to the upside as of this writing.FIGURE 3. OPTIONS DATA FOR NFLX. Options expiring on April 19 show high IV, with the out-of-the-money call options showing increased trading activity.Chart source: StockCharts.com. For educational purposes.The bottom line: Expect a lot of volatility in NFLX after the market closes on Thursday. If you're considering adding NFLX to your portfolio, wait until the price settles after the earnings announcement.Learn More. Want to trade options to generate additional income or hedge your portfolio holdings? Check out this video.Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Predicting a Bear Market: 7 Signs and Why it's Tough to Do

A bear market is a decline of at least 20% in the market. Bear markets are a natural part of the overall market cycle, but they're often difficult to predict

Earnings Summary: Highlights of Citizens Financial Group’s Q1 2024 results

Financial services company Citizens Financial Group, Inc. (NYSE: CFG) on Wednesday reported earnings for the first quarter of 2024. First-quarter underlying net income decreased to $395 million from $560 million […] The post Earnings Summary: Highlights of Citizens Financial Group’s Q1 2024 results first appeared on AlphaStreet.

Earnings Summary: Prologis reports higher Q1 2024 revenue and profit

Real estate investment trust Prologis, Inc. (NYSE: PLD) announced financial results for the first quarter of 2024, reporting higher revenues and earnings. Net earnings per share increased to $0.63 in […] The post Earnings Summary: Prologis reports higher Q1 2024 revenue and profit first appeared on AlphaStreet.

Prologis Stock Leading U.S. Logistics Boom

Logistics and warehousing real estate may come in handy during the manufacturing boom coming to U.S, markets. Prologis stock is the outlier as a bull pick.

Johnson & Johnson’s Q1 Checkup: Mixed Results, Optimism Remains

Johnson & Johnson's Q1 2024 earnings offer a mixed picture of resilience amidst economic headwinds and provide insight into the broader medtech sector's health.

Lululemon’s P/E Is Back to 2017 Levels: Should You Buy the Dip?

Lululemon's dip is potentially the best deal in the apparel industry today, analysts and institutions still see double-digit upside for the stock

Commercial Banks Could Be Back in Play, Led by Bank of America

Bank of America joins Citigroup in giving investors a clear insight into the stock market's next move higher. Consumer trends remain strong

US Bancorp (USB) Q1 2024 Earnings: Key financials and quarterly highlights

US Bancorp (NYSE: USB) reported its first quarter 2024 earnings results today. Total net revenue decreased 6.4% year-over-year to $6.7 billion. Net income applicable to US Bancorp common shareholders decreased […] The post US Bancorp (USB) Q1 2024 Earnings: Key financials and quarterly highlights first appeared on AlphaStreet.

AMD Plunges to a Critical Support Level: Is Now the Time to Go Long?

Leading chip designer Advanced Micro Devices, Inc. (AMD) is at a critical juncture, one which could go either way depending on the dynamics of the market and its specific industry. The stock's technical and fundamental indications are not only mixed, but on opposite extremes.Now that AMD's price has fallen to a key level, bullish investors may wonder if it's wise to buy the dip or avoid a falling knife.AMD's Technical vs. Fundamental OutlookAMD's technical strength is rapidly declining: with a StockCharts Technical Rank (SCTR) score of 89.9, the chipmaker is showing up on bearish scan results, including the P&F Double Bottom Breakdown, P&F Descending Triple Bottom Breakdown, and Stocks in a New Downtrend (ADX), all of which can be found on the StockCharts Sample Scan Library.Fundamentally, a ray of light shone on Tuesday when AMD unveiled its latest new processors designed to power AI-enabled PCs—Ryzen Pro 8040 (laptop) and the Ryzen Pro 8000 (desktop)—which the company claims are the most powerful chips for business computing. If they perform as AMD expects, these chips can potentially catapult AMD's position against rivals Nvidia (NVDA) and Intel (INTC) in the generative AI arena.What are analysts saying about upside price targets? There's a vast range: from $180 to $270. To be fair, bearish analyst targets are also well below current prices, around $110 to $120. So, even if you're bullish, consider the downside projections (and why some analysts might be bearish).The Macro ViewWhile AI technology had simmered in the tech undercurrents for years, the AI arms race ignited on November 30, 2022, with OpenAI's release of ChatGPT. Powered by Nvidia's powerhouse GPUs, this watershed moment marked a seismic shift in the semiconductor industry.CHART 1. WEEKLY CHART OF AMD: The blue vertical line marks the week ChatGPT was released to the public, creating a fierce competitive environment among chipmakers.Chart source: StockCharts.com. For educational purposes.While many semiconductor stocks fell at the end of November 2022 due to geopolitical hurdles (US export restrictions to China) and general expectations of an economic slowdown, this also marked the moment when AMD began significantly underperforming NVDA (soon to become the top AI chip producer).Against NVDA, AMD is underperforming by over -68%. However, AMD managed to overtake Intel (INTC) by a stunning 731%. Relative to the Dow Jones U.S. Semiconductors Index ($DJUSSC), AMD's performance is declining, though still leading the average by 48%. And against the S&P 500 ($SPX), AMD's performance is up 238%.Looking at the technicals from a macro view, is AMD in a downtrend or a near-term dip?Is it Time to Buy the Dip?CHART 2. DAILY CHART OF AMD. AMD may be in a relatively deep decline, but the momentum, support levels, and fundamental story tell a different story. Chart source: StockCharts.com. For educational purposes.The fundamental story fueling a potential bounce is more important than the technical indications of a bullish reversal. AMD broke below support levels of $170 and (below that) $165, both bearish indications for the chipmaker.As the Relative Strength Index (RSI) steadily approaches the 30 line (which marks the oversold threshold), note the rising buying pressure, as indicated by the Chaikin Money Flow (CMF) climbing above the zero line—a signal that buyers are now entering the market.AMD is resting right above a critical Fibonacci retracement level (50%), which explains why more technically inclined buyers might have begun accumulating shares of the stock (the 61.8% to the 50% levels are often buy targets for bullish traders looking to go long).What This Means for Your PortfolioSo, does this mean you should buy the dip? It depends on how bullish you are on AMD and why you might have a bullish bias. Perhaps waiting for a stronger bounce with more significant momentum may be the thing to watch if you are. AMD is in a buying range, but how you approach accumulating the stock depends on you and your strategy.Also, note that AMD's earnings report is on April 30. Monitor the action leading to and/or following the report.The Bottom LineAMD is at a crucial juncture, balanced between tepidly bearish technical signals and promising fundamentals from its latest AI-capable processors. The broader semiconductor sector's struggles—sparked by geopolitical tensions and economic fears since ChatGPT's launch—frame AMD's precarious market stance. Whether to buy the dip hinges on whether you believe AMD can redefine its competitive edge, jump ahead of its rivals, and challenge NVDA. AMD is within buy range, but you may want to nuance your entry if you're itching to go long. Be sure to add AMD to your StockCharts ChartList.Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Wealth Minerals is a deep-value company with excellent assets: CEO Henk van Alphen

Wealth Minerals Ltd. is a mineral resource company focused on the acquisition and development of lithium projects in South America. It has interests in Chile, Canada, Mexico, and Peru. The […] The post Wealth Minerals is a deep-value company with excellent assets: CEO Henk van Alphen first appeared on AlphaStreet.

Silicon Motion Proves That AI in Motion Stays in Motion

Silicon Motion Technology Co. (NASDAQ: SIMO) is a fabless semiconductor company in the computer and technology sector specializing in designing and developing

The 5 Stocks Most Sold By Insiders This Year

Insiders are selling these 5 stocks increased as their markets advanced, and gains may be capped. Long-term outlooks are positive for growth and share prices.

ASML’s Earnings Could Bring The Stock to New Highs

ASML stock is calling the shots this earnings season, with EPS projections and valuations calling for a potentially new high price for the name.

Retail Investors Can Follow Goldman Sachs' Moves This Quarter

Goldman Sachs joins the Wall Street view of stocks having potentially more room to move higher, the business cycle is only getting started

Is Market Breadth Signaling THE TOP?!

In this edition of StockCharts TV's The Final Bar, Dave shows how bearish short-term breadth combined with the deterioration in long-term breadth lines up well with previous market tops. He then breaks down key levels for the S&P 500 index as well as MSFT, TSLA, and more.This video originally premiered on April 15, 2024. Watch on our dedicated Final Bar page on StockCharts TV!New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

Are The Financials Sending Us A Major Warning Signal?

I've said for awhile that we could use some short-term selling to unwind overbought conditions and even negative divergences in some cases. I was looking for perhaps 4-5%, but it's really difficult to predict the kind and depth of selling that we'll see when secular bull markets face a downturn. Personally, I'd be shocked if this recent weakness morphs into a bear market. I'm not saying that it's not possible, but my key signals suggest it's very, very unlikely. We've seen some downside moves in the past of just 1-2% and others, like the correction last summer, that stretched to 10%. I believe earnings will be strong, but the huge move off the October 2023 low may have built in that positive news. You've probably heard that old Wall Street adage, "buy on rumor, sell on news", right? Well, that's exactly what we saw Friday, with respect to the major financials that reported quarterly results Friday morning. The earnings numbers looked pretty good on Zacks:Reported EPS was significantly higher than estimates in every case. Citigroup (C), in particular, crushed estimates, blowing them away by nearly 40%. There were revenue beats by all 6 companies as well:Again, it was C that posted the best revenue beat - nearly 4% higher than expectations. From these tremendous numbers, it's easy to NOW see why financials had performed so well. But one thing that confuses many retail traders is that strong results do not always translate into higher stock prices. Check out the quarterly earnings price reactions on these 6 stocks:Is this type of market reaction justified after seeing those quarterly results? I don't think so, but the stock market doesn't care what I think. Market makers have a job to do - build positions for their institutional clients at our expense. The short-term is NOT efficient. Prices don't do what you think they'll do. Then you get confused, believing financial stocks are dead. After they drop for awhile, you panic and sell and, after market makers get all the shares they need, financials regain their strength. This is what the stock market does. The short-term inefficiencies wear on traders, causing them to give up, and that creates supply for market makers to build their inventory. Then rinse and repeat. As the late great Yogi Berra would say, "it's deja vu all over again!"I discussed why we can't trust this selling in my latest EB Weekly Market Recap VIDEO, "Hot CPI Stokes Inflation Fears". The secular bull market remains perfectly intact. Check it out and leave me a comment. Also, please "LIKE" the video and "SUBSCRIBE" to our YouTube channel, if you haven't already. It'll help us build our YouTube community and I would certainly appreciate it.On Monday, April 15th, I'll be providing another financial stock that is poised to report excellent quarterly results. This company has been a huge leader among its peers, suggesting a blowout report ahead. If financials reverse their current weakness, I would not be surprised to see a very POSITIVE market reaction to this company's report. To receive this company and check out its chart, simply CLICK HERE to subscribe to our FREE EB Digest newsletter. There is no credit card required to join the EB Digest, just your name and email address!Happy trading!Tom

Keeping Up With The Jones - How Weakness in This Index May Foretell a Broader Market Correction

The Dow Jones Industrial Average fell 2.4% last week in a move that pushes this index further below its key 50-day simple moving average. While not the most widely followed index, the Dow has continued to evolve so that its 30 components more closely represent the current economy. Amazon's (AMZN) inclusion at the end of February is the latest modification, where it joins Apple (AAPL), Microsoft (MSFT), and Salesforce (CRM) to name just a few of the heavier-weighted names.Daily Chart of Dow Jones Industrial AverageLeading this index lower last week was a 7.4% decline in J.P. Morgan Chase (JPM), which fell following the release of their first quarter earnings on Friday. While the company's results were strong, CEO Dimon's tepid outlook for growth going forward pushed the stock lower. Among the risks cited by management were high inflation and the potential for the Federal Reserve to tighten monetary policy. Geopolitical risks were also mentioned.Most notable on JPM's chart, however, was the fact that it was trading at a new high in price prior to the release of their report.  In other words, the stock was priced for perfection, such that any hint of a possible slowing of growth pushed the stock sharply lower.Currently, we are at the very beginning of earnings season and, should we see a similar reaction to well-known companies reporting results while their stock is priced at a near-term high, we could be in for some tough sledding. Netflix (NFLX) is the next well-known company due to report next week, followed by Microsoft (MSFT), Alphabet (GOOGL), and Meta Platforms (META) the following week. Each of these stocks are trading at near-term highs and are susceptible to weakness amid any talk of a rise in interest rates.Comparative Chart of Dow, S&P 500 and NASDAQ - June 2023-CurrentAbove is a comparative chart of the Dow Jones Industrial Average versus the S&P 500 and the NASDAQ Composite. As highlighted, the Dow led the markets into a new uptrend, which began in early November. More recently, many of those winning stocks from the Dow are now in downtrends, after closing below their key 50-day simple moving average.These winners were from a broad cross-section of sectors, such as Industrials, Financials, and Consumer Discretionary, and include Home Depot (HD) and J.P. Morgan (JPM), to name just two. My screening showed the weakness that had been spreading in these sectors, as I removed several Retailers from my MEM Edge Report Suggested Holdings List over the past several weeks and took off Bank stocks earlier this week. The deterioration among these Discretionary, Financial, and Healthcare stocks from the Nasdaq and the S&P 500 may be harder to spot, given the large number of names in their index; however, my MEM Edge Report has been detailing the weakness for weeks now.Most important at this time is the fact that both the Nasdaq and S&P 500 are hovering above key support, and you'll want to preserve profits should we see a downtrend develop. While interest rates are a key determinant of investor sentiment, earnings reports have been proven to be more impactful. If you'd like to be kept up to date on the condition of the broader markets, as well as how to handle stocks depending on your investment horizon, use this link here to access my twice weekly report for 4 weeks for a nominal fee.Warmly,Mary Ellen McGonagleMEM Investment Research

MEM TV: Time To SELL EVERYTHING?!

In this episode of StockCharts TV's The MEM Edge, Mary Ellen shares key signals that it's time to sell a stock, using INTC as an example. She also reviews a key area of support for the markets, and new sectors that have entered a downtrend. She finishes up by showing how to compose a watchlist of names that can be bought once market pressures recede.This video originally premiered April 12, 2024. Click here or on the above image to watch on our dedicated MEM Edge page on StockCharts TV.New episodes of The MEM Edge premiere weekly on Fridays. You can view all previously recorded episodes at this link.If you're looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.

Using Outsized Moves to Identify Trend Reversals - Checking in on Housing and Semis

Trends often start with outsized moves. But how do we measure and identify such moves? Chartists can measure moves in Average True Range (ATR) terms using the ATR Trailing Stop SAR indicator (ATR-SAR). ATR is a volatility indicator developed by Welles Wilder. For example, a 4 ATR advance off a low would signal an outsized move that could jumpstart an uptrend. Conversely, a 4 ATR decline off a high would signal an outsized move that could jump-start a downtrend or corrective period. Today's report will highlight the outsized decline in the Home Construction ETF (ITB) and show this indicator for the Semiconductor ETF (SOXX). ATR-SAR is the bull/bear version of the ATR Trailing Stop, both of which are part of the TIP Indicator Edge Plugin for StockCharts ACP. SAR stands for "stop and reverse", which means the line switches sides with price breaks. When prices are rising, ATR-SAR is green and under the price. It acts as a trailing stop for a long position or an uptrend marker. When prices are falling, ATR-SAR is red and above price. It then acts as a stop for shorts or a downtrend marker. Let's look at an example using 22 periods for the Average True Range and 4 for the multiplier. The chart above shows the Home Construction ETF (ITB) with ATR-SAR (22,4). It turned green in November as ITB surged and broke out with an outsized advance. The ATR-SAR line turned green and remained 4 ATR(22) values below the highest close as prices rose. ITB fell sharply this week and broke the ATR-SAR line. This signals an outsized decline that could jump-start a downtrend or correction. Outsized declines can jump-start downtrends and outsized advances can jump-start uptrends. Notice that ITB held this ATR-SAR line from early November to early April. Declines during this period were less than 4 x ATR(22) values. The April decline broke this ATR-SAR line, meaning the decline was MORE than 4 x ATR(22) values. In other words, it was an outsized decline. Also notice that an outsized advance in early November jump-started the uptrend.  Elsewhere, the EW Consumer Discretionary ETF (RSPD) and the Retail SPDR (XRT) also fell sharply and broke their ATR-SAR (22,4) lines. These were highlighted in Thursday's report and video at TrendInvestorPro. This means three economically sensitive groups reversed their uptrends this month (consumer discretionary, housing and retail). Elsewhere note that the Software ETF (IGV), Cybersecurity ETF (CIBR) and Cloud Computing ETF (SKYY) broke their ATR-SAR lines on February 21st. The Technology SPDR (XLK), Mobile Payments ETF (IPAY) and Semiconductor ETF (SOXX) have yet to break their ATR-SAR lines. The chart above shows SOXX holding up better than ITB. TrendInvestorPro offers two services. First, System Trader provides fully quantified momentum strategies for trading Nasdaq 100 and S&P 500 stocks. These strategies are designed to identify leading stocks and hold them as long as they lead. Second, Chart Trader reports and videos focus on stocks and ETFs with uptrends and tradeable patterns. Each week we cover the overall market environment and then feature highly curated trading ideas. Click here to learn more and get immediate access. //////////////////////////////////////////////////