This past Friday morning, October 13, Mike Paulenoff posted a technical warning signal to MPTrader members, writing:
"Heads Up! META climbed to a marginal new post-Nov. 2022 rally high at 330.54 yesterday, but failed to follow through to the upside, and instead has reversed into a bout of weakness that is approaching key initial support.
"As long as nearest support from 313.50 down to 311.30 contains any forthcoming weakness, my nearest-term work will remain positive and as such, I cannot rule out upside continuation above 330-331 in route to 350. However, a break of 311.30 will trigger initial sell signals for a press to test 300 to 298... Bottom Line: One of the strongest big tech and AI performers during the past 11 months-- META-- is waffling and threatening to turn down from a (potential) July-October Double Top at 330... last is 317.70..."
In the hours after Mike posted his commentary, META proceeded to press lower into Friday's close at 314.69 (actually, 314.05 in Friday's post-market trading), down 1.1% from the time of his post and nearing a test of Mike's next key support zone from 313.50 to 311.30.
Mike's very detailed daily chart of META (see below) shows a multi-week topping pattern after a relentless 275% advance that unfolded during the past 11 months, which in his extensive experience leaves the faithful owners of META stock in the most vulnerable technical setup since the price peak and significant downturn off of the All-Time High established at 384.33 in September 2021.
Login this week to join Mike and MPTrader members for their intraday discussions, analysis, and strategy about META in advance of the company's all-important earnings report on October 25th. Furthermore, in the MPTrader Discussion Room, Mike and our members are constantly evaluating many individual stocks, ETFs, macro indices, oil, commodities, and Bitcoin, as well as the impact of the rapidly changing geopolitical landscape on member's portfolios.
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.