Good morning,
It’s the last Tuesday of the month, which means it’s Mailtime. This is the report where I take your market-related questions and chart requests and give my opinions.
No questions this month, but we got some great tickers to look at.
Let’s get into it!
Chart Requests
AMR: Alpha Metallurgical Resources
Trendless chart that recently fell below both key moving averages. No strong bias in either direction, but no technical reason to own it.
AMZN: Amazon
If we expand the lines, Amazon still has a crude descending wedge pattern that would be positive if it can break out higher and hold. However, it’s drifting toward the 200-day (which has been a key pivot point in recent years) and hasn’t received any of the Mag 7 bid that has held up the market over the past six weeks.
APH: Amphenol Corporation
Bullish potential here with a pattern that looks a lot like technology and QQQ. However, unlike those two ETFs, APH has yet to break out and needs a close above $87 to do it.
APP: AppLovin
