SPDR Gold Trust (GLD) triple bottom formed, and close to confirming, after breaking its downtrend. Take-Two Interactive Software (TTWO) confirming a head and shoulders pattern. Robinhood Markets (HOOD) testing major support following a massive sell-off today. Coinbase Global (COIN) sitting tepid level of support at best, declining resistance and short-term price level resistance
So far, $ROKU is holding the lower channel band and attempting to bounce.
$TH toying with major support on a descending triangle pattern. If Broken, could quickly see single digits.
Here's why I try to avoid trading the moves that come from FOMC day. Tons of reversals. SPY & SPX Airbnb (ABNB) confirming the wedge pattern with a breakdown today. Converging support levels to watch on a pullback in Healthcare ETF (XLV). Watch declining resistance on DraftKings (DKNG). Big test here for the stock.
Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.
AMZN with an ugly break of long-term support. SOFI price action unable to sustain the move above resistance. Watch for it to close the gap. The SNAP pop isn't worth trusting as long as it remains below declining resistance just overhead. LLY rising trend-line off of September lows could be tested here really soon.
Intel (INTC) making a run towards its upper channel band. Amazon (AMZN) clawing its way back to hold a critical level of support today. Not every day you see McDonalds (MCD) go parabolic like this... Home Depot (HD) breaking out and confirming the double bottom.
$SCHW pushing through resistance. Strong move.
Be mindful of Chipotle Mexican Grill (CMG) breaking key support and a subsequent gap-fill. Pullback in the dollar suggests a re-test of the rising trend-line on US Dollar (UUP). Teck Resources (TECK) with a nice break of declining resistance but watch resistance at previous lower-high. Cup and handle pattern forming on Charles Schwab (SCHW).
Watch this resistance on $SHOP that is being tested.
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