By Michael Ashbaugh, MarketWatch
Similarly, the SPDR S&P MidCap 400 ETF has maintained a posture atop the 50-day moving average, currently 317.85.
Delving deeper, a firmer floor holds in the 310 area, matching the June low (310.16) and May gap (309.86).
Looking elsewhere, the SPDR Trust S&P 500 remains comparably stronger.
As illustrated, the SPY has maintained a tight July range, notwithstanding this week’s early whipsaw.
Though Monday’s reversal was fueled by a volume uptick, the underlying internals registered as conspicuously tame. For instance, NYSE declining volume surpassed advancing volume by a pedestrian 2-to-1 margin.
In a textbook world, a downturn on the order of 7-to-1 negative breadth (or stronger) would raise a question mark.
Placing a finer point on the S&P 500, the index has tagged next resistance (3,235), and pulled in to the range.
Recall that the prevailing range is effectively defined by the June gap, spanning from 3,123 to 3,182.
Conversely, familiar downside inflection points stand out:
The S&P’s 50-day moving average, currently 3,045.
The 200-day moving average, currently 3,028.
The late-June low (2,999.7) matching the 3,000 mark.
Delving deeper, likely last-ditch support continues to match the June low (2,965) and the late-2019 breakout point (2,954).
As always, it’s not just what the benchmarks do, it’s how they do it. Monday’s false breakout is worth tracking for potential follow-through.
But generally speaking, the S&P 500’s intermediate-term bias remains bullish to the extent it maintains a posture atop major support detailed above.
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 VanEck Vectors Gold Miners ETF /zigman2/quotes/206399889/composite GDX -1.76% is acting well technically.
As illustrated, the group has recently reached seven-year highs, clearing resistance matching the May peak.
The prevailing upturn originates from support matching the May low (31.30) and the April gap (31.50). An intermediate-term target projects to the 43.70 area.
Conversely, the breakout point (37.50) pivots to first support and is followed by the ascending 50-day moving average. A sustained posture higher signals a firmly-bullish bias.
Air Products & Chemicals, Inc. is a well positioned large-cap name. (Yield = 2.0%.)
Earlier this month, the shares knifed to record highs, rising after the company announced an agreement to develop a $5 billion hydrogen-based ammonia plant in Saudi Arabia.
The breakout punctuates a bullish cup-and-handle defined by the March and June lows.
Though near-term extended, and due to consolidate, the shares are attractive on a pullback. Tactically, the breakout point (257.00) is followed by the ascending 50-day moving average, a level closely tracking trendline support.
Initially profiled June 22, First Solar, Inc. /zigman2/quotes/209356097/composite FSLR -3.52% has returned 12.0% and remains well positioned.
Technically, the shares have recently knifed to four-month highs, staging a strong-volume break from the 200-day moving average.
The ensuing pullback has been comparably flat, fueled by decreased volume, positioning the shares to extend the uptrend. Tactically, trendline support is rising toward the breakout point (54.50). A posture higher signals a firmly-bullish bias.
Also notice the pending golden cross — or bullish 50-day/200-day moving average crossover — signaling that the intermediate-term uptrend has overtaken the longer-term trend.
MaxLinear, Inc. /zigman2/quotes/200823803/composite MXL +0.80% is a mid-cap semiconductor name positioned to rise.
As illustrated, the shares have recently knifed to 52-week highs, rising after the company’s revised second-quarter outlook.
The subsequent flag pattern signals muted selling pressure, positioning the shares to build on the strong-volume spike. Tactically, trendline support is rising toward the top of the gap (23.00), and is followed by the deeper breakout point (21.90).
Finally, Acadia Pharmaceuticals, Inc. /zigman2/quotes/205236646/composite ACAD +4.07% is a well positioned mid-cap biotech name.
The shares started July with a breakout, knifing to all-time highs from a well-defined range.
The subsequent pullback places the shares at an attractive entry near the breakout point (52.70) and 12.2% under the July peak. Tactically, trendline support is rising toward the former range top. The prevailing rally attempt is intact barring a violation.
More broadly, the shares are well positioned on the 10-year chart, placing distance atop the 2015 peak.
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.
|Company||Symbol* (Click symbol for chart.)||Date Profiled|
|Consumer Discretionary Select Sector SPDR||XLY||July 13|
|Alphabet, Inc.||GOOGL||July 13|
|Sony Corp.||SNE||July 13|
|Eldorado Gold Corp.||EGO||July 13|
|SunPower Corp.||SPWR||July 13|
|Ceridian HCM Holding, Inc.||CDAY||July 10|
|Neurocrine Biosciences, Inc.||NBIX||July 10|
|Amgen, Inc.||AMGN||July 9|
|Zendesk, Inc.||ZEN||July 9|
|D.R.Horton, Inc.||DHI||July 9|
|Taylor Morrison Home Corp.||TMHC||July 9|
|LGI Homes, Inc.||LGIH||July 8|
|Walmart, Inc.||WMT||July 8|
|J.B. Hunt Transport Services, Inc.||JBHT||July 8|
|Analog Devices, Inc.||ADI||July 7|
|Akamai Technologies, Inc.||AKAM||July 6|
|Verisk Analytics, Inc.||VRSK||July 6|
|Big Lots, Inc.||BIG||July 1|
|Tandem Diabetes Care, Inc.||TNDM||July 1|
|Boeing Co.||BA||June 30|
|Dell Technologies, Inc.||DELL||June 30|
|Zebra Technologies Corp.||ZBRA||June 30|
|Box, Inc.||BOX||June 29|
|Yeti Holdings, Inc.||YETI||June 25|
|Arrowhead Pharmaceuticals, Inc.||ARWR||June 25|
|Danaher Corp.||DHR||June 24|
|Hologic, Inc.||HOLX||June 23|
|First Solar, Inc.||FSLR||June 22|
|Momenta Pharmaceuticals, Inc.||MNTA||June 22|
|SPDR S&P Biotech ETF||XBI||June 19|
|Lowe’s Companies||LOW||June 19|
|Fiverr International, Ltd.||FVRR||June 19|
|Chegg, Inc.||CHGG||June 18|
|Fastly, Inc.||FSLY||June 18|
|Arena Pharmaceuticals, Inc.||ARNA||June 18|
|Etsy, Inc.||ETSY||June 17|
|Skyworks Solutions, Inc.||SWKS||June 16|
|Lululemon Athletica, Inc.||LULU||June 16|
|Carvana Co.||CVNA||June 10|
|Williams-Sonoma, Inc.||WSM||June 9|
|HubSpot, Inc.||HUBS||June 8|
|Square, Inc.||SQ||June 8|
|United Parcel Service, Inc.||UPS||June 5|
|Micron Technology, Inc.||MU||June 5|
|Xilinx, Inc.||XLNX||June 4|
|KLA Corp.||KLAC||June 4|
|FedEx Corp.||FDX||June 3|
|SPDR S&P Retail ETF||XRT||June 3|
|ASML Holding N.V.||ASML||June 1|
|Datadog, Inc.||DDOG||June 1|
|iShares MSCI Japan ETF||EWJ||May 29|
|SolarEdge Technologies, Inc.||SEDG||May 29|
|Splunk, Inc.||SPLK||May 28|
|Microchip Technology, Inc.||MCHP||May 27|
|Synopsis, Inc.||SNPS||May 27|
|SSR Mining, Inc.||SSRM||May 27|
|Twilio, Inc.||TWLO||May 26|
|Take-Two Interactive Software, Inc.||TTWO||May 26|
|Lam Research Corp.||LRCX||May 26|
|Marvell Technology Group, Ltd.||MRVL||May 26|
|Cisco Systems, Inc.||CSCO||May 21|
|Agios Pharmaceuticals, Inc.||AGIO||May 20|
|Cree, Inc.||CREE||May 20|
|Applied Materials, Inc.||AMAT||May 19|
|Alteryx, Inc.||AYX||May 18|
|iShares Silver Trust||SLV||May 15|
|Agnico Eagle Mines, Ltd.||AEM||May 15|
|Agilent Technologies, Inc.||A||May 15|
|Halozyme Therapeutics, Inc.||HALO||May 15|
|Wix.com, Ltd.||WIX||May 13|
|Extreme Networks, Inc.||EXTR||May 13|
|Qualcomm, Inc.||QCOM||May 12|
|Zynga, Inc.||ZNGA||May 12|
|Kinross Gold Corp.||KGC||May 11|
|Avalara, Inc.||AVLR||May 8|
|Salesforce.com, Inc.||CRM||May 8|
|Facebook, Inc.||FB||May 7|
|Spotify Technology S.A.||SPOT||May 5|
|CrowdStrike Holdings, Inc.||CRWD||May 4|
|iRobot Corp.||IRBT||May 4|
|Inphi Corp.||IPHI||Apr. 29|
|Qorvo, Inc.||QRVO||Apr. 29|
|Old Dominion Freight Line, Inc.||ODFL||Apr. 29|
|Dollar General Corp.||DG||Apr. 28|
|AngloGold Ashanti Ltd.||AU||Apr. 28|
|Cadence Design Systems, Inc.||CDNS||Apr. 27|
|ServiceNow, Inc.||NOW||Apr. 27|
|Snap, Inc.||SNAP||Apr. 27|
|Five9, Inc.||FIVN||Apr. 24|
|Chewy, Inc.||CHWY||Apr. 24|
|Tesla, Inc.||TSLA||Apr. 23|
|Shopify, Inc.||SHOP||Apr. 23|
|iShares Nasdaq Biotechnology ETF||IBB||Apr. 21|
|Teradyne, Inc.||TER||Apr. 20|
|Electronic Arts, Inc.||EA||Apr. 20|
|VanEck Vectors Semiconductor ETF||SMH||Apr. 17|
|Coupa Software, Inc.||COUP||Apr. 17|
|Veeva Systems, Inc.||VEEV||Apr. 17|
|American Tower Corp.||AMT||Apr. 17|
|Okta, Inc.||OKTA||Apr. 16|
|Target Corp.||TGT||Apr. 16|
|Netflix, Inc.||NFLX||Apr. 14|
|VanEck Vectors Gold Miners ETF||GDX||Apr. 14|
|Invesco QQQ Trust||QQQ||Apr. 14|
|Ciena Corp.||CIEN||Apr. 6|
|Seattle Genetics, Inc.||SGEN||Apr. 6|
|DocuSign, Inc.||DOCU||Apr. 3|
|Zscaler, Inc.||ZS||Apr. 3|
|RingCentral, Inc.||RNG||Mar. 30|
|Activision Blizzard, Inc.||ATVI||Mar. 30|
|Regeneron Pharmaceuticals, Inc.||REGN||Mar. 30|
|Apple, Inc.||AAPL||Mar. 27|
|Nvidia Corp.||NVDA||Mar. 27|
|Dexcom, Inc.||DXCM||Mar. 27|
|Amazon.com, Inc.||AMZN||Mar. 26|
|Stamps.com, Inc.||STMP||Mar. 26|
|Quidel Corp.||QDEL||Mar. 26|
|Domino’s Pizza, Inc.||DPZ||Mar. 20|
|Kroger Co.||KR||Mar. 19|
|Zoom Video Communications, Inc.||ZM||Mar. 19|
|iShares MSCI Emerging Markets ETF||EEM||Mar. 19|
|Newmont Corp.||NEM||Jan. 13|
|Atlassian Corp.||TEAM||Jan. 7|
|SPDR Gold Shares ETF||GLD||Jan. 2|
|Teledoc Health, Inc.||TDOC||Nov. 1|
|Microsoft Corp.||MSFT||Feb. 22|
|* Click each symbol for current chart.|