Stock Technical Analysis: Wk of 9/21/09

20. Sep, 2009 8 Comments

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PowerShares QQQ Trust – Nasdaq (QQQQ)QQQQ Stock Technical Analysis

Nasdaq continues to trade within the rising wedge pattern.  Since breaking out from the resistance, it’s going strong.  If you’re thinking of going long, keep your stops tight as it’s approaching the top of the rising wedge.  Nasdaq could break through and continue higher, but the risk of a pull back in the next few weeks is definitely there.  Clearly a bullish trend still, but be cautious as QQQQ starts to approach $43-44 level.

Financial Select Sector SPDR  (XLF)

XLF Stock Technical Analysis

Financials broke through the resistance and rallied strong, but I’m very skeptical on the long side when it comes to XLF.   First, it’s starting to consolidate and hit some resistance at the trendline it broke through previous.  Second, I see a MACD divergence between the rising price and the declining MACD.  This usually signals a bearish correction ahead.  The overall theme here is bullish still just like the other indices, but I’m not all that comfortable about XLF long.

SPDR S&P 500 (SPY)

SPY Stock Technical Analysis

Similar to what I eluded to for Nasdaq (QQQQ), SPY is still going strong breaking through the previous resistance and making a new high.  This bullish trend is resilient and continues to test new highs.  If you’re not already long and are looking to take some long positions, hope for a pull-back here before getting in.

United States Natural Gas Fund (UNG)

UNG Stock Technical Analysis

United States Natural Gas Fund (UNG) made quite a come back and seems to be making a “V-shaped” recovery.  Now this is now going to get interesting.  It is now consolidating at the prior resistance of $12.  I’d expect this resistance to  be pretty strong, and I have seen some experts getting rid of their natural gas positions.  If you have been riding the rally since the recent lows, it would be wise to lock in some profit by unloading a part of your shares.  Next two weeks will be a ride!

SPDR Gold Trust (GLD)

GLD Stock Technical Analysis

SPDR Gold Trust (GLD) broke through the symmetrical triangle pattern and has rallied since.  However, GLD continues to struggle at the next big resistance of $99.  Some say this is the start of a reversal and it’s time to short.  Others say it will break through the $99 resistance making new highs.  It’s hard to say still given this consolidation, but I’m personally leaning towards the latter.

General Electric (GE) Requested by Eric Staedt, Yue Liu, and Gia

GE Weekly Chart

I am showing the technical analysis for General Electric (GE) from a different angle this week.  Looking at the weekly chart above, I’ve drawn the Fibonacci Retracement looking at the 2 yr highs and lows.  As many of you are aware, GE performed quite a rally last week bringing wealth to many who were long.  Now, the Fibonacci would suggest that GE still could have room for upside.   Assuming 38.2% is the first level to watch for, GE could make another run to the $19 price level in which would face some resistance.   Overall, breaking through the long fought resistance at $15 is pretty significant.  If you’re long, perhaps lock in some profit by unloading part of your shares, but no reason to think it’s going to the other side just yet.

NASDAQ felt hard resistance at the $37 range and could not break the previous highs. Now it seems to be forming a double top pattern, which is a bearish indicator. It has broken through the $35 resistance level and is trying to inch its way back up. This week will be critical in determining whether we should expect a reasonable pull back or if the market resiliency prevails and starts to rally again
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8 Responses to “Stock Technical Analysis: Wk of 9/21/09”

  1. Run with the Bull Market 21. Sep, 2009 at 2:10 pm

    Once again great job on your GE chart, interesting perspective with the fibonacci retracement, however what is your target overall do you think it could maybe test 22? My target is for 20, just curious as to your thoughts. Also while i liked your GE chart, I was disappointed you didn't take a look at RIMM. As always great job.

    -Jamieson
    http://www.runwiththebullmarket.com

  2. My10000dollars 22. Sep, 2009 at 9:43 pm

    Thanks Jamieson. Let me try to include RIMM this time! As far as the price, I'd expect some resistance at $19. If I owned GE, I would target $19 and unload some then.

  3. Run with the Bull Market 25. Sep, 2009 at 2:31 am

    Thanks, should be interesting after earnings posted today…I have yet to draw this chart but RIMM took a huge hit today…reminds me of how Apple trades after earnings, I expect to see bulls take advantage of the discount price and maybe see a good push back upwards on RIMM next week. Would greatly appreciate your technical insight.

    -Jamieson
    http://www.runwiththebullmarket.com

  4. Stocks To Buy Now 07. Oct, 2009 at 11:42 am

    I think UNG continues down or holds steady, and SPDR continues slow upward descent.

  5. My10000dollars 08. Oct, 2009 at 10:50 pm

    Looks like you're right so far :)

  6. My10000dollars 09. Oct, 2009 at 3:50 am

    Looks like you're right so far :)