One week ago, on Monday morning November 15, Mike Paulenoff posted the following alert for MPTrader members about HD (Home Depot):
"My attached Big Picture Daily Chart shows that all of the action off of the 10/27/21 ATH at 375.15 into last Fri's close at 372.63 exhibits the right look of a high-level bullish Pennant or Flag formation atop the upleg that started at the 10/10 low at 324.16. Based on the pattern and momentum setup, HD is poised for upside continuation and acceleration to one of two likely higher Target Prices (TP on the attached chart) prior to my expectation for a bout of profit-taking and possibly a serious bout of corrective weakness... Last is 373-374."
The next day, in a very positive reaction to a stellar quarterly earnings report, HD did charge higher. Mike posted a follow-up analysis for our members:
"We see that HD indeed has thrust to the upside out of its Bull Flag formation to a new ATH at 387.76 so far, which has satisfied my first upside target zone of 380-383, and is poised for a run towards my higher target zone of 393-400... Only a sudden downside reversal and close below 381 will represent an initial warning signal that the current upleg could be exhausted... Last is 386.63."
By the end of last week, HD had climbed beyond Mike's second target of 393-400, to a new ATH at 410.10, up a whopping 9.7% from his initial alert. Mike's analysis of the chart setup heading into earnings provided our members with "technical directional bias" prior to a potentially significant catalyst. This is one of Mike's most important functions for MPTrader -- interpreting the technical and momentum setups ahead of consequential earnings reports.
What's next for Home Depot? Will the vertical assault continue in and beyond Black Friday, or will HD exhibit signs of exhaustion sooner rather than later this coming week? Join Mike and our members for constant discussion about HD as well as many other individual stocks, ETFs, macro indices, cryptocurrencies, commodities, and precious metals that he and our mptrader membership choose to discuss and technically evaluate throughout every trading day.
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.
On September 28, 2023, with NVDA trading at 429.31, I told MPTrader members that my work is warning me about a complex technical setup that argues for a prolonged corrective scenario prior to a resumption of dominant uptrend strength. I posted the following:My near-term pattern and momentum work argue that since its 9/21/23 corrective low at 409.