On March 30, with Salesforce.com (CRM) trading at 210.95, Mike Paulenoff wrote MPTrader members:
"The relentless stair-step decline within the Sep.-Mar. down-channel is nearing completion ahead of my expectation of a powerful upleg that revisits and takes out the ATH at 284.87."
Fast-forward to last Thursday afternoon, April 8, when CRM finally received some long-awaited price support from Wall Street. BofA included the stock in its new "4M Framework" for identifying winning stocks in top server and enterprise software businesses, giving it Buy rating with a $275 price target.
CRM was trading at around 225.40 at the time of BofA's report, and Mike highlighted the 226.58 level (its down-sloping DMA) as key resistance it needed to get through in a follow-up post on Friday.
CRM blasted above its 200 DMA at 226.58, closing Friday at 231.28, and is poised for a run at its dominant multi-month resistance line, now in the vicinity of 239.20.
CRM has climbed nearly 10% from Mike's March 30 post.
What's next for CRM as The Street enters into a new quarterly earnings season this coming week? Will it challenge and take out its dominant September-April down trendline, and thereafter play catch-up with the overall technology sector?
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Last Friday afternoon (Sep 30), Mike Paulenoff ended his Gold Miner alert to MPTrader members with the following parting comment:
Just maybe the precious metals complex is approaching a perfect storm-- a weakening US Dollar, stubborn inflation, vicious and increasingly dangerous geopolitics et al...
Indeed, the Gold Miners ETF GDX outperformed the benchmark SPY ETF for the first time in months. After pressing to a low at 23.
This past Monday September 19, Mike Paulenoff alerted MPTrader members to an emerging setup in Raytheon Technologies (RTX), noting:
One of the recurring themes I read about that threads through coverage of the Russian-Ukraine conflict is that the vast amount of materiel sent to Ukraine from NATO countries to help Zelensky and his army fight Russia is older equipment and weaponry that sooner than later will have to be replaced by the donating countries.
On the afternoon of September 12, the day before the consequential August CPI report was released, Mike Paulenoff alerted MPTrader members to a key inflection point in the QQQ, writing:
The QQQ is strong ... heading towards a confrontation with its key resistance zone from 312.80 to 316.15 where my work expects QQQ behavior to inform us about the true underlying dominant trend-- to the upside in an extension of the June-August advance, or to the downside in extension and completion of the Aug-Sep.
On August 8, Mike Paulenoff was asked for chart analysis on CHPT by an MPTrader member.
Before the opening bell, Mike responded with the following chart-based commentary:
CHPT (ChargePoint Holdings)is getting a lift from the so-calledInflation Reduction Actmostly because of the feel-good reaction to the $7,500 electric vehicle tax credit (if you can afford to buy an EV in the first place) as well as earmarked funds supposedly heading for building out charging station infrastructure.
On Friday morning August 26, Jay Powell delivered a very brief, but considerably more hawkish-than-expected Jackson Hole speech that for all intents and purposes ended and reversed the 19% recovery rally advance in the SP.
That afternoon, with AAPL down 3% to 164.65, Mike Paulenoff posted a heads-up alert about AAPL to MPTrader members that called for continued downside in the most widely-followed name in the averages, writing:
AAPL has pressed beneath its prior pullback low at 166.