SPY Charts done on five minute and daily candles. Stocks got rocked last week after the collapse of Silicone Valley Bank, the 16th largest bank in the United States. Silvergate Capital was also forced to close down its banking division just prior to SVB last week. The fall of these two banks sent shockwaves that had a sense of déjà vu, many remembering the Washington Mutual downfall from 2008. The pains these giant institutions are seeing come from the monetary tightening cycle our economy is going through. Historically every time The Federal Reserve raises rates, that’s when those who are over-leveraged or lack liquidity fall victims to the shifting policy. The magnitude of this downfall is likely only starting to...
AAPL Chart done on hourly candles. Apple’s annual shareholder meeting takes place tomorrow at 9 AM P.T. and investors are eager to hear what’s coming. Many investors want to hear Tim Cook talk about VR and the next iPhone, however Apple can have anything in store for us. Last week we saw Tesla deliver their shareholder meeting and the stock has been selling off since, but that doesn’t mean the same is in store for Apple. As many know, Apple is the most valuable publicly traded company in the world, and for them to keep that value they’ll have to continue delivering excellence, being efficient, and creating sought after items. This meeting is about figuring out if the company’s leaders...
NVDAChart done on hourly candles. Nvidia shares closed near the week’s lows today following a sharp sell-off across all sectors. The semiconductor industry has been one of the leaders on the charts in the last few weeks, with Nvidia enjoying a boost of positive attention from ChatGPT and AI. The rally the stock has been on is starting to show some weakness, and it is overdue for a strong pull back. Nvidia’s price to earnings ratio is currently at 138, which is about 9 times higher than what’s considered a “healthy” price to earnings ratio, and even with the projected revenue from ChatGPT, the stock isn’t worth that much yet.Looking at the short term charts Nvidia closed the day just...
NFLX Chart done on five minute and daily candles. Netflix shares have suffered a slow and steady sell-off the last three weeks after the stock broke below its key 343.50 level. The daily candle is now trading right at the 100 day moving average, a line not seen since October 2022. If buyers can’t maintain the 100 day MA then the shares will likely fall to retest the 305.75 support, a break below has a downside price target of 298.00-300.00. On the bullish side Netflix will need to breakout above 314.30 in order to pivot back into a short term uptrend, price target above that resistance is 319.00-321.00 to start. As of now the stock is leaning bearish but if...
TGT Chart done on 30 minute and daily timeframes. Target reported fourth quarter earnings today and beat expectations on both earnings per share and revenue. Despite the earnings beat, the stock finished only 1% higher for the day, likely because the company’s profits were slimmer due to declining sales growth and rising operating costs. Data showed that more consumer visited Target stores in the fourth quarter, but many spent differently than they usually would. Sales in food and essentials were higher while sales in electronics and apparel declined as consumers manage their way through inflation, Target’s CEO noted that profit margins are typically higher on discretionary items so their declining profits for the quarter can be largely attributed to that. ...
