Stock Market Technical Indicators & Analysis
I wrote on June 26 about LLY having a possible blockbuster drug for obesity and about its strong technicals. Since then, LLY has resisted market weakness and hit another ATH today. I continue to hold a small position in this stock and am monitoring it closely for signs that the big funds are buying, in anticipation of continuing good results from their clinical trial. Bad results would likely decimate the stock.
A nice daily RWB pattern.
And a strong monthly chart with multiple GLBs.
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I created a simple scan in TC2000 looking for stocks over $15 that rose today with their highest trading volume in 50 days. Two stocks in my watchlist of 811 stocks mentioned in IBD50 or MS Growth250 lists came up. One of them, CHEF, looks worth monitoring because it is near its ATH and green line top. I placed an alert in TC2000 to text me the moment that CHEF trades at a new ATH, $42.17. According to MarketSmith, the last 4 quarterly earnings were up triple digits and sales growth was up 83%-111%. Composite rating =96 and RS=97, not too shabby. A stock with great fundamentals that is showing technical strength during a prolonged market decline could prove to be an emerging true market leader (TML) when the market turns. Below are daily, weekly and monthly charts. My compliments to the CHEF!
Get details about the conference from my former extraordinary student, Richard Moglen, here. I will be speaking at 2:40 PM EST. I will discuss among other topics, the GMI, monitoring the Worden T2108 indicator for market bottoms, green line break-outs (GLB) and the 10:30 weekly charts. Hope to see many of you!
