On Monday morning March 1, Mike Paulenoff alerted MPTrader members to a potential up-move in U.S. Steel (X):
"If an infrastructure plan really is doable early in the Biden Administration, and if the 440% upmove from the March 2020 low to the Jan. 2021 high has not discounted just about every conceivable growth scenario, then X is turning up into another upleg as we speak. As long as any forthcoming weakness is contained in the 16.40 to 15.85 support zone, then the 'apparent' Head and Shoulders top formation that is plainly visible is a major head fake prior to the initiation of a powerful next advance that projects to 26.20-27.40."
The stock, which was trading at 18.24 at the time, closed this week at 24.17. (See Friday's closing chart below.)
Mike has been guiding members on X since his post, as it crept higher, up and away from important "neckline" pattern support.
On Monday afternoon March 8, with the stock trading at 20.63, Mike wrote:
"My attached Daily Chart shows that today's strength has propelled X above its prior high at 20.12, to 20.68, which also is the first indication that the Head and Shoulders pattern that appeared to be maturing, is being invalidated right before our eyes. Typically, after a price structure tests the pattern's neckline, if it then pivots to the upside and climbs above the uppermost peak of the right shoulder-- and the strength is sustained, the top pattern inverts into a continuation of the dominant underlying larger uptrend. A close above 20.21 will go a long way towards invalidating the Head and Shoulders pattern, and instead, will trigger upside projections that indicate X is heading for a retest of its January high at 24.71."
The stock's intraday high of 24.46 came just pennies from that January high, and a full 32% above Mike's first alert about X on March 1.
Mike's decades of analyzing price pattern behavior recognized the potential for a failed Head and Shoulders top formation in X, and quickly communicated his skepticism to MPTrader members.
Yes, market experience matters, and Mike brings it to our discussion room every day in his analysis of stocks, stock index futures and indices, ETFs, macro indices, cryptocurrencies, precious metals, and more.
Eight weeks ago, Mike Paulenoff discussed the budding technical setup and upside breakout in CRWD (CrowdStrike Holdings) with our MPTraders members, writing:"CRWD has followed the bullish scenario we discussed in late August, and in fact, today (10/06/23) has thrust above 5 months of resistance to new recovery high territory at 176.32. Although my next optimal upside target zone is 190-200, the BIG picture setup points to 230-240 thereafter... Last is 174.86...
On Monday morning, November 13, 2023, a full 5 trading sessions before the approaching November Options Expiration (OPEX) (11/17/23), I posted my chart-based commentary for our members:SPY-- Considering that Friday is November Option Expiration, where are the "magnetized strike prices" as we start OPEX week? Based on my attached Hourly Chart, the magnetized strike price zone spans from 436 to 441. Should SPY take out the upside barrier of 441, then the follow-through outlier magnetized target could be as high as 450 before or on Friday.
On October 23, 2023, ten days before the November 1st FOMC meeting and policy statement, I posted the following commentary about the downward-spiraling TLT (20+ year T-bond ETF):My attached 4-hour Chart of TLT shows that the relentless and near-vertical downtrend that commenced at the beginning of August from around 100 hit a new long-term low at 81.92 this AM, positioning it in my intermediate-term optimal downside target zone from 80 to 82.
On the afternoon of September 25, Mike Paulenoff posted a warning signal to MPTraders members about the developing acute oversold condition in RTX (formerly Raytheon Technologies), writing:"RTX (formerly Raytheon Technologies) hit a new multi-month corrective low of 71.02, down 33% from the 4/10/23 post-pandemic High at 106.02. Although RTX has violated my optimal target window of 73-75, the stair-step corrective pattern off of the 4/19/23 high at 104.
On October 3, Mike Paulenoff posted the following "Heads Up!" about GLD (SPDR Gold Trust, ETF) for MPTrader members: "GLD has pressed to an important technical inflection window from 169.50 down to 166.30, from where I will be expecting corrective downside exhaustion off of the 5/04/23 high at 191.36, and new buying interest. From a nearer-term perspective, given the acute oversold but CONFIRMED Momentum reading of 17.16 an hour ago, my preferred scenario argues for another loop down that marginally violates today's low at 168.