Member Kudos Over Recent Calls
by Mike Paulenoff
August 28, 2022 • 12:00 AM EDT
Mike Paulenoff called this past week's sell-off in AAPL ... and the market in general.
On Thursday Aug 18, with AAPL at 173.84, Mike told his MPTrader members: "I am in the 'camp' expecting the latter downside scenario, notwithstanding The Street's newfound love affair with the company."
The next day, he wrote: "AAPL is pressing on key initial support at 171.60/90, which if violated will point to 168-166 next [and] put downward pressure on SPX, SPY, ES."
He updated his downside target to 164.80-162.80 this past Monday, Aug 22, after AAPL broke key support, and by week's end AAPL closed at 163.62, but weakened further in after-market trading to 162.47.
MPTraders members expressed their appreciation for this and other of Mike's recent calls.
"That's some really, really great charting Mike. Fabulous work this week," wrote member FJB.
"Super charts Mike, singlehandedly kept me out of any deep trouble this week. Thank you!" added Mary.
Member ksim summed it up: "Not only kept me out of trouble for the last 6 weeks, but I have made enough money, playing both long and short, to keep my membership for the next 500+ years! Thank you very much for the great guidance."
We invite you to join Mike's Live Trading Room at MPTrader and see how his calls might benefit your trading!
A 40+ year veteran Wall Street technical strategist, Mike hosts an interactive, real-time discussion forum to help traders & investors evaluate and navigate markets, opportunities, and potential hazards in an increasingly challenging financial landscape.
During the afternoon session of February 15, this is what Mike Paulenoff posted to the MPTrader Discussion Room about the technical setup in the oil service company SLB (Schlumberger):"This name in the oil service sector exhibits a well-demarcated 4-year bullish channel with the SLB price structure upturning off of the lower boundary line in the vicinity of 47.00 (the 2/13/24 low) amid a glaring double non-confirmation of the weakness into the lower channel line.
On December 26, 2023, fellow MPTrader member FJB asked me the following question: Mike - do you feel comfortable giving some of your top sectors for next year if you have any? This was my response:In order of preference based on my technical setup work:1- XLV (Healthcare)2- XLB (Materials)3- XLE (Energy)4- XLI (Industrials)5- XLF (Financials)As of the close this past Friday, 3/15/24, YTD results showed XLV +6.58%, XLB +6.15%, XLI +7.06%, XLF +8.54%, and XLE (Energy) leading all sectors, at +9.27%.
On February 23, Mike Paulenoff posted the following timely commentary about the bond market to MPTrader members:"Benchmark 10-year YIELD and TLT (20+ Year T-bond ETF)-- I am getting initial, but very strong technical signals that the backup in 10-year YIELD from the late-March low at 3.78% to yesterday's (2/22/24) high at 4.35% is nearing exhaustion ahead of a rollover into another downleg within the larger downleg off of the October 2023 high at 5.00% (see my attached Daily Chart).
On October 27, 2023, Mike Paulenoff discussed his outlook for XBI (SPDR SP Biotech ETF) with our MPTrader members, writing:With the exception of a few months of recovery rally price action here and there, XBI remains in the grasp of a major bear phase off of its February 2021 peak at 174.79 into today's 17-month new low at 64.78. The $64,000 question is whether or not XBI is coming in for a successful test of its May-June 2022 lows at 61.78 and 62.
Nearly four months ago, on the morning of October 31, 2023, this is what I posted to our discussion room about NVDA (Nvidia Corp):NVDA pressed to a new 4-1/2 month low at 392.30 today, and ... the price structure is peering over the edge of a multi-month support plateau (396.50 to 407.64) that if sustained, will leave NVDA vulnerable to downside continuation toward filling the up-gap left behind on 5/25/23 from 305.40 to 366.35. So far, NVDA has bounced off of 392.30 and has just crossed above 400.