By Michael Ashbaugh, MarketWatch
Looking elsewhere, the SPDR Trust S&P 500 has extended its July break to record territory.
In the process, the SPY has registered consecutive closes atop the 300 mark for the first time on record.
Against this backdrop, the S&P 500 has cleared the 3,000 mark, and is traversing previously uncharted territory.
As detailed previously, a longer-term S&P 500 target projects to the 3,150 area, precisely 5.0% above the 3,000 mark.
(Using closing levels, start with the April closing peak (2,945.8) and subtract the June low (2,744.5) = 201.3 points. Then, add the result to the breakout point: 2,945.8 + 201.3 = 3,147.)
Conversely, a notable floor matches the breakout point — the 2,952-to-2,964 area, detailed last week — and is followed by the familiar 2,912 support. The S&P 500’s intermediate-term bias remains bullish barring a violation.
Tuesday’s Watch List
The charts below detail names that are technically well positioned. These are radar screen names — sectors or stocks poised to move in the near term. For the original comments on the stocks below, see The Technical Indicator Library.
Drilling down further, the Industrial Select Sector SPDR is showing signs of life. (Yield = 2.0%.)
As illustrated, the group has established an orderly three-week range, rising to challenge nine-month highs.
Tactically, the 50-day moving average has marked a bull-bear inflection point — currently underpinning the July range — and the breakout attempt is intact barring a violation. A near-term target projects to the 80.50 area on follow-through.
Looking elsewhere, the VanEck Vectors Gold Miners ETF /zigman2/quotes/206399889/composite GDX -0.04% is acting well technically.
The group initially spiked three weeks ago, gapping to 33-month highs amid surging precious metals prices.
The subsequent orderly range — and more immediate tight one-week range — position the group to build on the massive June spike. Tactically, the range bottom matches the top of the gap (24.54) and a posture higher supports a bullish bias.
On a related note, the iShares Silver Trust has extended its trendline breakout, most recently detailed July 2.
Initially profiled Jan. 11, CyberArk Software Ltd. /zigman2/quotes/206810080/composite CYBR +0.63% has returned 80.1% and remains well positioned.
Technically, the shares have knifed to record highs, clearing well-defined resistance amid a volume spike. An intermediate-term target projects to the 150 area.
Conversely, the breakout point pivots to support, circa 135.50, and the prevailing uptrend is firmly intact barring a violation.
Analog Devices, Inc. /zigman2/quotes/201631938/composite ADI -1.03% is a well positioned large-cap semiconductor name. (Yield = 1.9%.)
As illustrated, the shares are challenging major resistance (117.60), rising from a flag-like pattern, the tight range pinned to the steep June rally.
The range top matches record highs, meaning that a breakout opens the path to uncharted territory and potentially material upside. A near-term target projects to the 123.50 area on follow-through.
Xilinx, Inc. /zigman2/quotes/209389378/composite XLNX -0.27% is a large-cap semiconductor name showing signs of life.
Specifically, the shares are rising from a bullish cup-and-handle pattern defined by the May and July lows.
Tactically, near-term support (114.20) is followed by the 50-day moving average (111.40) — a level that has defined the recent trend (see the April gap) — and the recovery attempt is intact barring a violation.
Finally, LivePerson, Inc. /zigman2/quotes/203565636/composite LPSN -24.50% is a mid-cap developer of e-commerce support software solutions.
Technically, the shares have knifed to record territory, rising from a four-month range bisected by the 50-day moving average.
Underlying the upturn, its relative strength index (not illustrated) has registered its best levels since early March, improving the chances of longer-term follow-through.
Though near-term extended, and due to consolidate, a pullback toward the breakout point (30.45) would offer an attractive entry.
Editor’s Note: This is a free edition of The Technical Indicator, a daily MarketWatch subscriber newsletter. To get this column each market day, click here.
Still well positioned
The table below includes names recently profiled in The Technical Indicator that remain well positioned. For the original comments, see The Technical Indicator Library.
|Texas Instruments, Inc.||TXN||July 15|
|Packaging Corp. of America||PKG||July 15|
|J.B. Hunt Transport Services, Inc.||JBHT||July 15|
|Delta Air Lines, Inc.||DAL||July 12|
|Coca-Cola Co.||KO||July 12|
|UnitedHealth Group, Inc.||UNH||July 12|
|Progressive Corp.||PGR||July 12|
|Zendesk, Inc.||ZEN||July 11|
|Owens Corning||OC||July 11|
|TJX Companies, Inc.||TJX||July 11|
|Sarepta Therapeutics, Inc.||SRPT||July 11|
|Twitter, Inc.||TWTR||July 10|
|Zix Corp.||ZIXI||July 10|
|Micron Technology, Inc.||MU||July 10|
|VanEck Vectors Semiconductor ETF||SMH||July 9|
|Keysight Technologies, Inc.||KEYS||July 9|
|Stratasys, Ltd.||SSYS||July 9|
|United Airlines Holdings, Inc.||UAL||July 9|
|iShares MSCI Japan ETF||EWJ||July 8|
|Inphi Corp.||IPHI||July 8|
|Zscaler, Inc.||ZS||July 8|
|Invesco QQQ Trust||QQQ||July 2|
|PNC Financial Services Group, Inc.||PNC||July 1|
|Teledoc Health, Inc.||TDOC||July 1|
|Cummins, Inc.||CMI||July 1|
|MSCI, Inc.||MSCI||July 1|
|Tesla, Inc||TSLA||June 28|
|Whirlpool Corp.||WHR||June 28|
|Shake Shack, Inc.||SHAK||June 28|
|Momo, Inc.||MOMO||June 28|
|Baozun, Inc.||BZUN||June 27|
|FMC Corp.||FMC||June 27|
|ArQule, Inc.||ARQL||June 27|
|Wendy’s Co.||WEN||June 26|
|SunPower Corp.||SPWR||June 26|
|Blueprint Medicines Corp.||BPMC||June 26|
|Oracle Corp.||ORCL||June 25|
|Williams-Sonoma, Inc.||WSM||June 25|
|Sunrun, Inc.||RUN||June 25|
|Adobe, Inc.||ADBE||June 24|
|Spotify Technology||SPOT||June 24|
|HollyFrontier Corp.||HFC||June 24|
|SPDR S&P Biotech ETF||XBI||June 24|
|Apple, Inc.||AAPL||June 21|
|VanEck Vectors Gold Miners ETF||GDX||June 21|
|iShares Silver Trust||SLV||June 20|
|VeriSign, Inc.||VRSN||June 20|
|Home Depot, Inc.||HD||June 19|
|Lululemon Athletica, Inc.||LULU||June 19|
|Sinclair Broadcast Group, Inc.||SBGI||June 19|
|Amazon.com, Inc.||AMZN||June 18|
|Facebook, Inc.||FB||June 18|
|SPDR Gold Shares ETF||GLD||June 18|
|Synopsys, Inc.||SNPS||June 17|
|Zillow Group, Inc.||ZG||June 17|
|Verisk Analytics, Inc.||VRSK||June 17|
|Cisco Systems, Inc.||CSCO||June 14|
|Medtronic plc||MDT||June 14|
|Ross Stores, Inc.||ROST||June 14|
|Financial Select Sector SPDR||XLF||June 13|
|Kirkland Lake Gold Ltd.||KL||June 13|
|Grubhub, Inc.||GRUB||June 12|
|Dunkin Brands Group, Inc.||DNKN||June 12|
|Ciena Corp.||CIEN||June 11|
|Silicon Laboratories, Inc.||SLAB||June 11|
|Health Care Select Sector SPDR||XLV||June 10|
|Wix.com Ltd.||WIX||June 10|
|Ecolab, Inc.||ECL||June 10|
|Materials Select Sector SPDR||XLB||June 7|
|Brooks Automation, Inc.||BRKS||June 7|
|Catalent, Inc.||CTLT||June 7|
|Coca-Cola Co.||KO||June 6|
|Nasdaq, Inc.||NDAQ||June 6|
|Target Corp.||TGT||June 5|
|Dollar General Corp.||DG||June 5|
|Repligen Corp.||RGEN||June 5|
|Avalara, Inc.||AVLR||May 23|
|Progressive Corp.||PGR||May 22|
|Copa Holdings, S.A.||CPA||May 21|
|Open Text Corp.||OTEX||May 20|
|Quest Diagnostics, Inc.||DGX||May 20|
|Zscaler, Inc.||ZS||May 17|
|Aspen Technology, Inc.||AZPN||May 17|
|ServiceNow, Inc.||NOW||May 16|
|Atlassian Corp.||TEAM||May 16|
|SolarEdge Technologies, Inc.||SEDG||May 16|
|Roku, Inc.||ROKU||May 15|
|SAP SE||SAP||May 15|
|Arena Pharmaceuticals, Inc.||ARNA||May 15|
|CME Group, Inc.||CME||May 10|
|Johnson Controls International||JCI||May 10|
|Omnicom Group, Inc.||OMC||May 7|
|Take-Two Interactive Software, Inc.||TTWO||May 2|
|Jacobs Engineering Group, Inc.||JEC||May 2|
|JetBlue Airways Corp.||JBLU||Apr. 30|
|Honeywell International, Inc.||HON||Apr. 26|
|American Express Co.||AXP||Apr. 24|
|MetLife, Inc.||MET||Apr. 17|
|TE Connectivity, Ltd.||TEL||Apr. 4|
|CSX Corp.||CSX||Apr. 1|
|Church & Dwight Co., Inc.||CHD||Mar. 29|
|Consumer Staples Select Sector SPDR||XLP||Mar. 28|
|Travelers Companies, Inc.||TRV||Mar. 28|
|Pepsico, Inc.||PEP||Mar. 27|
|Shopify, Inc.||SHOP||Mar. 27|
|Kimberly-Clark Corp.||KMB||Mar. 15|
|iShares U.S. Real Estate ETF||IYR||Mar. 13|
|Air Products & Chemicals, Inc.||APD||Mar. 11|
|Hilton Worldwide Holdings, Inc.||HLT||Mar. 6|
|Costco Wholesale Corp.||COST||Mar. 6|
|Marvell Technology Group Ltd.||MRVL||Mar. 1|
|Universal Display Corp.||OLED||Mar. 1|
|Vulcan Materials Co.||VMC||Mar. 1|
|Walmart, Inc.||WMT||Feb. 22|
|Microsoft Corp.||MSFT||Feb. 22|
|Motorola Solutions, Inc.||MSI||Feb. 15|
|First Solar, Inc.||FSLR||Feb. 15|
|Mastercard, Inc.||MA||Feb. 11|
|Procter & Gamble Co.||PG||Feb. 8|
|Global Payments, Inc.||GPN||Feb. 5|
|Visa, Inc.||V||Feb. 4|
|SPDR S&P Homebuilders ETF||XHB||Jan. 30|
|Exact Sciences Corp.||EXAS||Jan. 28|
|Applied Materials, Inc.||AMAT||Jan. 25|
|SBA Communications Corp.||SBAC||Jan. 24|
|Paycom Software, Inc.||PAYC||Jan. 23|
|Advanced Micro Devices, Inc.||AMD||Jan. 22|
|VeriSign, Inc.||VRSN||Jan. 18|
|Coupa Software, Inc.||COUP||Jan. 16|
|Veeva Systems, Inc.||VEEV||Jan. 16|
|CyberArk Software||CYBR||Jan. 11|
|Okta, Inc.||OKTA||Jan. 9|
|Tandem Diabetes Care, Inc.||TNDM||Jan. 9|
|Alteryx, Inc.||AYX||Jan. 8|
|Workday, Inc.||WDAY||Dec. 10|
|Starbucks Corp.||SBUX||Nov. 5|
|American Tower Corp.||AMT||Nov. 5|
|Utilities Select Sector SPDR||XLU||Oct. 25|
|McDonald’s Corp.||MCD||Oct. 24|
|Yum! Brands, Inc.||YUM||Oct. 18|
|Twilio, Inc.||TWLO||May 21|