Interesting charts November 9th 2018
Nasdaq Biotechnology Index encounters resistance in the region of the trend mean and will need to bounce from the above the October low near 3200 to confirm support building is underway.
Philadelphia Semiconductors Index has classic Type-2 top formation characteristics. The rebound following the massive reaction against the prevailing trend has at least paused in the region of the December, February and April lows near 1250 and a sustained move back above that level will required to check supply dominance.
Netflix also now encountered resistance in the region of the trend mean and a sustained move above it will be required to begin to question supply dominance.
Meanwhile Disney is testing the upper side of a three-year range.
Russell 2000 pulls back from the region of the trend mean and will need to push back above it in order to question medium-term supply dominance.
Amazon unwound about half its decline over the last two weeks. It needs to find support above $1500 if the buy-the-dip strategy, which has worked continually for years, is to be vindicated.
Activision Blizzard collapsed following lukewarm earnings guidance and, in the process, removes any semblance of outperformance from the video game sector.
Autozone is testing the upper side of a three-year range, having reversed all of last year’s decline. A sustained move below the trend mean would be required to question potential for additional upside.