Chartology

Why Best Buy Stock (BBY) May Be Running Out Of Steam

Best Buy stock (BBY) has been on an amazing run rallying over 65% since the start of 2014. Is it time to take to a breather? The evidence is pretty convincing that it is. Here’s a list of indicators and occurrences that are concerning me. Use the Best Buy stock chart below for reference. Price is testing resistance from the mid 2000’s high Simultaneously, relative strength is testing declining trend

Is The Russell 2000 ETF (IWM) Poised To Roll Over?

On the stock exchanges in the United States and globally, many of the equity indices we monitor are displaying potential topping patterns and signals. Some have reached significant upward targets and resistance levels. Others appear ready to create lower highs this month. Among the U.S stock market indices, the Russell 2000 (RUT) offers one of the clearest examples of an index that may be on the verge of a major

S&P 500 Update: Cloudy With A Chance Of Meat-Bulls

Although the S&P 500 is just 1.5% off its all time highs, it’s fair to say that 2015 has been a chop-fest for active investors. And this doesn’t solely apply to the equity markets – it has been choppy for bonds, currencies, and commodities as well. Without regurgitating all the details, it’s also fair to say that investors have had A LOT of noise to deal with. This is the primary

Sector ETFs In Focus: Healthcare Leading, Utilities Improving

When the markets get choppy or begin to consolidate, it’s a good idea to understand what’s happening under the surface. Market breadth indicators (like %stocks above their 50 day moving average) are one way to assess internals, but another way is by looking at sector rotation. By examining sector ETFs to see which are leading and lagging, we can figure out where the smart money is going. One tool that

Silver Prices, Sentiment Trying To Bottom: ETF Levels To Watch

While many point to the Federal Reserve as the tide that raises all ships, the boats carrying commodities have all but sank over the last couple of years. Silver prices have fallen nearly 30% since it’s 2014 high alone and made a series of lower highs and lower lows. It’s hard to argue against the notion that Silver is in a bear market as each rally gets faded. We can also

US Dollar: Indicator Most Overbought In More Than 15 Years

The US Dollar is finally taking a breather. Back on January 27th, I mentioned that the US Dollar Index looked exhausted after a monster run up. Since I wrote that article, the dollar rallied yet another 5% higher but has since backed off. It’s probably a good time to look at the charts again to see how are things shaping up for the US Dollar now? Looking at the chart below, this

Why A Chipotle Stock Top May Be In the Works

The stock market has climbed back to (or near) all time highs with several stocks making new highs. However, one stock that is missing from that list is Chipotle (CMG). And this shouldn’t be a big surprise as I highlighted a potential Chipotle stock top in early February. At the time of that post, CMG was in the midst of a sharp decline. But since then, Chipotle’s stock has completed a typical

Are Natural Gas Prices Basing For A Move Higher?

Natural Gas prices started trending sideways at the beginning of the year. This was in the context of a downtrend from a peak in early 2014. The sideways movement indicates supply and demand came into balance. These periods are usually followed by breaks until the next supply/demand equilibrium is found at a higher or lower level. Consider the case of a break higher: everyone who bought during the sideways period

Will Gilead Sciences Stock (GILD) Take Biotech Higher?

Perhaps the two hottest themes in the markets right are the move in the US Dollar and what is going on in the Biotech sector. I have hit on the USD a few times, but let me take a shot at Biotech. More specifically, I want to highlight the chart of one of the largest holdings in the iShares Biotech Sector ETF (IBB) – Gilead Sciences (GILD). And although negative news

Why Bonds May Be An Important Market ‘Tell’ Next Week

On Wednesday, the Federal Reserve downgraded its economic outlook while at the same time implying that the committee is considering raising rates (they are no longer “patient”, if you will!). So on one hand they acknowledged that the economy isn’t doing so hot, but on the other they said that they are open to raising rates later this year. Yup, some good old fashioned Fed doublespeak. But it worked in