Amcor – Algo Buy Signal
We’ve been buyers of AMC and continue to see upside to the $15.00 level, where we recommend selling covered call options to enhance the return.
Tabcorp – Up 12%
We’ve been buyers of Tabcorp and continue to see upside potential to $5.00.
Index Chart Update – XJO, Dow Jones & NASDAQ
The Dow Jones had a minor retracement from the 1 March high of 21,169 to close the week out at 20,902. Wednesday in the US will see the Fed Reserve hand down their decision on US rates, with the market now pricing in a 92% chance of a .25% increase.
Interestingly, defensive names such as consumer staples have been some of the best performing stocks, (on a relative basis), when compared to other market sectors over the past month. In many cases, we’re now seeing PE ratios extend to 22x earnings and yields compressing down to 2.2%.
Dow leaders such as Boeing & Goldman Sachs are selling off after their terrific rally and GE, which has under performed lately, showed strength in Friday’s session.
Due to stretched equity valuations, we’re most likely to see further consolidation in the major indices.
Lower High Structures
Here is a group of stocks with lower high structures.
Higher Low Structures
Here is a group of stocks that technically show a higher low formation.
Getting Started Tutorial
Instructions on how to navigate the charts, watch list & blog…
XJO – Chart Update
The XJO remains range bound with the most current level of support at 5640.
Algo Signals – New Chart Feature
From yesterday’s group of Algo Signals, we’re now tracking GEM as a potential short.
We’ve added a new feature to our charts, which now includes the ability to turn on or off the access or viewing of “Leon’s Chart” function. The image below identifies the highlighted button in yellow. Click this button on your charts to enable the feature.
Origin – Algo Buy Signal
Origin has been triggered as a buy signal from our Algo Engine. We expect the stock to find buying support at or near the current price level.
AMP – Short Signal
Our Algo Engine triggered a short signal in AMP on the 9th of January when the stock was trading $5.30. The current chart pattern suggests the bounce off the recent low could be running out of steam and selling pressure may resume again.
Chart – AMP
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