Interesting charts December 3rd 2015
iShares Biotechnology ETF pulled back sharply from the region of the 200-day MA today and will need to hold the 300 area during this reaction if support building is to continue to be given the benefit of the doubt.
Nasdaq-100 – hit a new `15-year high yesterday before pulling back sharply today. It would have to tally meaningfully tomorrow to offset a weekly downside key reversal. Against a short-term overbought condition in a number of its largest constituents there is ample scope for further consolidation in this area.
Alphabet (Google) ranged moistly below $300 between 2010 and 2012, it encountered resistance below $400 in 2012, support above $400 in 2013, support at $500 and resistance at $600 between 2014 and mid 2015 and resistance at $700 from July. With such a proclivity for pausing in the region of big round numbers the potential for a multi-month consolidation as its pauses below $800 is more likely than not.
Kroger completed an almost yearlong range today to breakout to new all-time highs. Some consolidation of that gain is likely against the current market environment but a sustained move below the trend mean, currently near $36, would be required to question the consistency of the medium-term uptrend.
Anglo American on the other hand continues to trend lower amid speculation it is getting ready to slash its dividend. At an estimated yield of 9.62% and considering the issues facing the company that conclusion would appear all but inevitable. The consistency of the downtrend, which is characterised by a progression of lower rally highs that is now accelerating lower, suggests a lot of this bad news is already in the price. The upward dynamic in early October did not receive follow through and more than two consecutive weeks to the upside will be required to check momentum beyond a brief pause.
White Sugar found support in the region of the 200-day MA in November for the first since 2011 and a sustained move below $400 would be required to question medium-term scope for additional upside.
