QCOM Bucking the Blues
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1/?A Pop
Market action on Wednesday was driven by some large tech earnings (think GOOGL and AMD) and later a fed that does not look eager to cut rates in March. However, QCOM bucked that trend, closing up over 1%.
After a failed breakout in December, there was a solid breakout in January that has tested support along with the 20-day moving average. Elder bar is still blue, but after hours the stock was up another 2%. If that carries over, I would expect this to change.
After being largely range bound all 2023, something changed with the Pring special K indicator. This is a very long-term momentum indicator that in this case broke the downtrend and offered some favorable evidence that an upside breakout could occur.
Read more here: Martin Pring's Special K [ChartSchool] (stockcharts.com)
2/ A Flop
After a few regional banks failed last March, the Federal Reserve set up a facility to shore up liquidity. Many regional banks have gone to previous and even new highs. One that struggled today was New York Community Bancorp.
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