Several times every trading session, we receive requests for our technical setup work in a particular stock or ETF from members in our discussion room
Last Friday afternoon, MPT member Pawel asked for a review of AMZN. This was our response, posted to the coverage list:
"From a BIG Picture perspective shown on my attached Weekly Chart, my pattern and momentum work indicate that AMZN established a significant corrective low at 81.46 on 1/06/23 that ended the Bear Phase from its ATH at 188.85 on 7/13/22. All of the action since the 81.46 low-- up to the 2/02/23 rally high at 117.50, followed by the current decline to today's low at 90.39 represents an 'intervening downmove' ahead of the next powerful advance that should climb above 117.50 towards a 132-138 target zone."
We then drilled down a bit more, taking a more granular look at more recent price action:
"The $64,000 question is where the current decline will end? Based on my more granular view from my attached 4-Hour chart, until AMZN climbs above 95.00 I cannot rule out additional weakness that presses into the 86 to 90 next lower support zone, where I will be expecting signs of downside exhaustion...
"For now, either AMZN presses closer to 86.00 prior to an upside reversal, or takes off from today's low at 90.39 to trigger an upside reversal signal above 95.00... Last is 91.07."
Fast-forward to Friday's close, AMZN ended the session at 95.00, the high of the day, 4.3% above the price the stock was trading when we posted our update. Most pertinently for MPTraders, AMZN closed Friday's session pushing up against the consequential bullish reversal signal level of 95.00.
Heading into Monday's session, MPTrader members who are interested in AMZN will be watching both the price action in the stock as well as our follow-up commentary to see if we get the necessary price action to strengthen or weaken a budding upside reversal signal.
Join us early next week for our ongoing discussions about AMZN and many other individual equity names, ETFs, Macro Indices and ETFs, Commodities, Precious Metals, and Bitcoin. In addition, you will be able to participate in their exchange of views on the impact of Fed Chairman Powell's congressional testimony (Tuesday and Wednesday), ahead of next Friday's release of the all-important February Jobs Report.
On October 27, 2023, Mike Paulenoff discussed his outlook for XBI (SPDR SP Biotech ETF) with our MPTrader members, writing:With the exception of a few months of recovery rally price action here and there, XBI remains in the grasp of a major bear phase off of its February 2021 peak at 174.79 into today's 17-month new low at 64.78. The $64,000 question is whether or not XBI is coming in for a successful test of its May-June 2022 lows at 61.78 and 62.
Nearly four months ago, on the morning of October 31, 2023, this is what I posted to our discussion room about NVDA (Nvidia Corp):NVDA pressed to a new 4-1/2 month low at 392.30 today, and ... the price structure is peering over the edge of a multi-month support plateau (396.50 to 407.64) that if sustained, will leave NVDA vulnerable to downside continuation toward filling the up-gap left behind on 5/25/23 from 305.40 to 366.35. So far, NVDA has bounced off of 392.30 and has just crossed above 400.
Nine weeks ago, on December 13, Mike Paulenoff responded to an MPTrader member's inquiry about the relatively newly IPO'd restaurant group CAVA (CAVA Group), writing:Fellow member "Blue" asked for a "read" on CAVA, but this is an interesting name in the restaurant group that I think warrants a more extensive chart post for anyone looking to diversify into a consumer-sensitive, budding chain of Mediterranean cuisine fast-food locations along the lines of the Chipotle (CMG) model...
This past Monday (Feb 5), one of our MPTrader members inquired about Disney (DIS): "Is Mickey and the gang making a comeback?" Our response: "Technically, the answer is Yes! We can make a compelling argument that DIS has carved-out a 9-month rounded base formation (Inverse Head Shoulders, anyone?) that for the last several days has been digesting its January gains from 88.69 to 97.93 perhaps ahead of Wednesday's (12/07/24) catalyst: Quarterly Earnings.
Way back on October 27, 2022— 1 year, 4 months ago, this is what I posted about SHOP (Shopify) to the MPTrader member discussion room:My attached BIG Picture Daily Chart shows the relentless bear phase that gripped the stock from its November 2021 ATH at 176.29 to the October 13, 2022 low at 23.63, amounting to an 86.5% decline in the value of the stock during the past year! That said, my pattern and momentum work argue strongly that SHOP established a very significant near and intermediate-term low at 23.