Ryan Mallory

Kratos Defense $KTOS has been one of the more interesting charts to watch of late, with a lot of eyeballs on it. Broke through its 200-day moving average, and then broke through some support that went back to August of last year. Now there is another support level just below it that could offer up an opportunity for the stock to bounce. If that level fails, either the rising trend-line from Oct'24 comes into play, or it carves out a new support level like it is doing right now.

Microsoft $MSFT continues to pullback here and on the weekly chart it is now below the 200-week moving average, and in theory its trading at a favorable level of value. But its long-term trend-line on the weekly chart going back to late 2018, suggests that a move down to the 320-30 area. could be in the cards here, before a bottom is ultimately reached.

@tdbryan1987 It’s a lot bigger than the SpaceX rockets that’s for sure.

@SharePlanner That's awesome!

View of Artemis II from my backyard.

@Desert_Fox42 Probably 30 miles the way the bird flies.

@SharePlanner How far from launch site?

The S&P 500 $SPY is getting rejected at the declining trend-line here so far. I don't think it is necessarily a call to start shorting here, especially with the president addressing the nation tonight (headline risk) and with there being a 3-day weekend for Good Friday.

Intel $INTC breaking out this morning. I think it is a hard one to chase, but if there is an eventual retest of the breakout level that holds and starts to bounce again, that may be the ideal way to play it to the long side. Having bounced almost 20% off its recent lows, makes it a hard one to chase. You also have improved conditions with Technology (XLK) reclaiming support, and semiconductors (SMH) continuing with a strong follow through to the upside today.

Taking a look at Tesla $TSLA you got some serious issues with resistance beginning with the declining trend-line off of its all-time highs that currently sits around 384, followed by price level resistance at 388 and then the 200-day moving average just above it. So while that stock is oversold on the daily and weekly charts, I don't have a high level of confidence in the stock as a bounce play that doesn't run into trouble at those resistance areas.

He saw his polling data in South Carolina was crumbling...

Iran: We’re ready to end the war. The market:

Royal Caribbean $RCL has some potential as a bounce play. I'd like it more at 242 than at 254, just because it appears to be a stronger level of support. While leisure and support are both breaking key levels of support and putting in lower-lows, there is a chance that they are nearing a point in the current downtrend where they could see a bounce.

Micron Technology $MU pulling back here in a significant way, breaking key support at 366. Now there is a chance at the 322 area that the rising trend-line from September could take hold. But if the broader selling in technology and semiconductors persists, then the long-term rising trend-line makes more since for a bottoming of MU.

Walmart $WMT is an interesting play, because there are a number of opposing factors at work here. For one, you have that break of the wedge pattern formed since early February starting to play out, but looks like it may be running into some old, broken trend-line resistance, while that is happening, you also have what could be a bear flag in play, but yet to confirm to the downside. If that were to happen that would nullify the breakout of the wedge currently trying to get underway. With some strength in staples this morning and recently bouncing off of the 200-day moving average, it does give it some good potential for a bounce here, but one you'll want to be fully aware of in regards to the resistance overhead.

Music Industry is finished... youtube.com/watch?v=XpGrqc…

@cryptonhic Agree!

@SharePlanner That neckline break on the head and shoulders, plus the follow-through, leans bearish. It’s the kind of setup traders on MGBX usually watch closely, especially since initial breaks can trap shorts, but this continuation suggests $GOOGL might actually play out.

This is not the look you want to see from Alphabet $GOOGL here. Tuesday it broke below the neckline of the massive head and shoulders pattern that it formed. Even then, you want to be careful about getting short on the initial break because it can often lead to a bear trap. However, today's price action suggests that it intends to play this out, with a potential landing area in the 230-250's. Now that doesn't mean it is going to hit this area right away, but it is a target area for the stock to ultimately reach if the head and shoulders pattern plays out to its full potential.

No one believes the headlines anymore.

You got Snowflake $SNOW continuing to break down, taking out another short-term support level, and now setting it up for a test of its long-term rising trend-line from September '24. Declining resistance overhead will be difficult to break through on any counter-trend rally. And if you are looking at playing this one, you'll want to see IGV and XLK both bottom as well, and neither are doing so currently.

Semiconductors $SMH has a well developed head adn shoulders pattern that has developed over the course of this year. Not yet confirmed, but a move below 373, could radically change the dynamics of the semiconductor trade going forward. Also note that the rising trend-line from last year's April lows has also been broken too.

American Express $AXP popped up on my watchlist this past week, and it definitely has some intrigue to it. First off, the financial industry has shown signs of stabilizing, trading higher 9 of the last 10 days. Its industry though, still in a downtrend, may be due for a counter trend-rally. When it comes to AXP individually though, Watch the basing pattern that has formed over the past few weeks, and whether it can break out of it. Also, there's support underneath that has held up well so far. But if it does bounce, I wouldn't look for a life-changing move, but simply one that would take advantage of a bounce in the stock and back to overhead resistance at best, which can still make for a good trade. At this point though, you want to keep an open mind to the current market dynamics at play and the potential for more down turn from a macro standpoint that leaks into individual plays like AXP.