On May 25, Mike Paulenoff alerted MPTrader members to a preliminary upside reversal signal in F (Ford). The stock at the time was trading at 12.40, up from its then multi-month corrective low at 12.07 established on May 20.
Mike instructed members that only a close below 11.00 would invalidate his preliminary bullish signal.
Then on June 10, with the major equity market indices in the grasp of a three-session plunge of 10% to 12% into what would become significant mid-June major corrective lows, Mike reiterated his bullish analysis about F, writing:
"F (Ford) remains on a Buy Signal generated by its price bottoming behavior since May 20th despite today's 3.9% drubbing in sympathy with the overall market. The 'bottoming behavior' will remain intact and viable unless and until F breaks to new corrective lows beneath 12.07 AND follows through below 11.00 (on a closing basis)."
During 8 of the 13 trading sessions between June 16 and July 6, F pressed to or marginally below 11.00 but never closed beneath Mike's close-only stop of 11.00, and by July 27 was trading at 13.15.
At that point, hours prior to Ford's earnings report, Mike posted another heads-up for MPTrader members, noting that the stock was "poised for upside continuation to challenge 14 -- the down-sloping 100 DMA."
As it turned out, investors and traders reacted positively to the earnings news, propelling F from its gap-up open on July 28 into last Friday's (August 12) high at 16.22, up a full 30% from Mike's initial alert.
F is an example of the risk management discipline Mike applies to the technical work that he communicates constantly to MPTrader members in every one of his intraday updates.
What's ahead for F as well as other auto names like GM and TSLA? Join Mike and MPTrader members for their intraday discussions and idea generation on individual names, ETFs, macro indices, commodities, and Bitcoin.
This past Tuesday, September 26, two days prior to NKE (Nike) earnings, Mike Paulenoff posted one of his pre-earnings "Heads Up" to our members, writing:"Certainly, NKE is oversold enough within a relentless downtrend pattern off of its Feb. 2023 recovery high at 131.31, that a positive reaction to quarterly results reflecting anything other than a disaster coupled with dismal guidance, is likely to trigger an initial positive reaction into the 95 to 100 recovery resistance zone.
On Wednesday, September 7, during one of Mike Paulenoff's frequent intraday updates of the E-Mini SP 500 futures contract (symbol ES) to keep MPTrader members informed about dominant near and intermediate-term trend direction in the index and the SPY ETF, Mike posted an important warning:"ES from a BIG Picture perspective shows the weakness off of last Friday's (9/01) rally high at 4547.75 into this AM's low at 4434.75 (-2.5% of the 4.
Back on June 26th, when nearby WTI Oil futures were circling $67/bbl, Mike Paulenoff issued a heads-up to MPTrader members about a potentially opportunistic technical setup developing in OXY (Occidental Petroleum), writing:"OXY pressed to a low at 55.58 this AM, which marginally violated the 5/11 low at 56.16, BUT held above the more technically significant March 2023 low at 55.51 prior to pivoting to the upside into positive territory, now trading at 57.47.
On Monday August 28, we posted a heads-up about FCX (Freeport-McMoRan) to our MPTrader members, writing: FCX (Copper, Gold, Oil) producer has the right technical look (and a positive momentum divergence at Friday's low) of a completed pullback (44.70 to 37.74) within its larger bullish multi-month Coil formation. Last Friday's (8/25/23) low at 37.74 represented a very healthy 15.6% correction off of the 7/31/23 rally peak at 44.70 and also amounted to an exact Fibonacci 62% retracement of the 5/24/23 to 7/31/23 advance from 33.06 to 44.70.
Top Call: NVDADuring the afternoon trading session of August 23, 2023, prior to the release of NVDA's (Nvidia Corp.) highly anticipated quarterly earnings report, we alerted our MPTrader members to our near-term forecast for NVDA, derived from my technical setup work heading into earnings.