Good morning,
Tuesday’s Overtime report highlighted bullish intraday action for a wide variety of equity ETFs on Monday but stressed the need to see follow-through.
Yesterday’s breadth was disappointing relative to the headline gains (less than 3:1 advancers vs. decliners in the S&P 500 and just over 4:1 on the NYSE) but there was more good than bad.
Front and center in the good column were the banks (KBWB +4%), which posted their best daily gain since November and completed the double-bottom called out in Tuesday’s report.
This week, we’ll look at which financials could have more upside following earnings as well as:
Mid-month Mailtime requests
Way-to-early updates for the 2025 Base Finder
Energy breakouts
Red-hot utilities
and more!
Yesterday’s financials earnings reactions
JPMorgan gains 2%
2% is the weakest gain of the four financials we’re looking at but the chart is still great. Breakout to 52-week relative highs and just a hair from new all-time highs.
Base Finder breakout alert for Citi
I want keep this chart short-term but click here if you want to see how long this downtrend line stretches back. This is a buyable breakout for short and long-term investors.
Wells Fargo tops with a 6.7% gain
It’s safe to say support held for WFC. Breakout to the highest level since November and the MACD is back in positive territory.
BlackRock back above $973
BLK gained 5.2% and put itself back above the key $973 level. The stock has big base potential but this is the weakest of the 4 charts tactically. Wednesday’s rally stalled at the underside of its 50-DMA, a stark contrast to the first three charts.
Mid-month mailtime requests
Is Boeing a head and shoulders bottom? I really want to buy this company at a smart place (with stops) and then own it for 20 years.
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