Rachel Dashiell, CFP, CMT
@RachelDashCS
Trader. Runner. Hiker. Chart lover. Market technician. Education coach @SchwabTrading & Contributor @SchwabNetwork Imp Disclosures:
172 Following 3.3K Followers
$XOM the largest stock in the $Energy sector has been forming a possible complex head & shoulders pattern with neckline support ~$146
This formation has taken place as $XOM has weakened in momentum & relative strength vs both $Energy & $SPX benchmarks
The ADX is reaching a trough, signaling that the market has been dormant & getting ready to trend...
A measured move to the downside could place shares ~$24 lower after a confirmed break of support
*Not a recommendation
@SchwabNetwork @SchwabTrading
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Don't fight the trend.... $Semiconductors are now reaching the 300% Fib Retracement level from the Feb/March decline
Momentum remains incredibly strong and confirmatory, no divergences exist yet
The ADX, our trend strength gauge, is nearing 40 - indicative of an extreme trend. ADX does not show signs of rolling over yet... when this begins to peak, traders may consider closing their trend positions
*Not a recommendation
@SchwabNetwork @SchwabTrading
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Credit spreads are at some of the tightest levels over this past year... near the lower zone of their range
This is further evidence of a risk-on environment
*Not a recommendation
*Charts courtesy of
@SchwabNetwork @SchwabTrading
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To add to that 3-year-long coil as well as the waning downside monthly momentum in $TNX, notice that the Bollinger Bandwidth has reached its tightest levels in the last 15 years
From low volatility comes high volatility, and high volatility tends to accompany breakouts
*Not a recommendation
@SchwabNetwork @SchwabTrading
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