Weak Retrace

Yesterday, Texas Instruments broke decisively lower.
Today, it’s attempting to retrace and test that break.
At this juncture, a weak 23.6%, is all TXN can produce (not advice, not a recommendation).
Let’s not forget, NVDA posts earnings today, after the bell.
Stay Tuned
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The Danger Point®, trade mark: No. 6,505,279
I saw this in my trading view feed and had to think of you.
GLW Hits Ceiling at All-Time Highs With Extreme Volume Behind It for NYSE:GLW by stingrayea
No idea if these trading view writers are vetted or not (probably not) but some of their ideas are interesting.
Another writer mentioned unusual volume on the stock QXO. I have no idea if these volume patterns translate to anything meaningful because I don’t have the experience to really tell you.
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Thank you,
This is useful information. I did attempt to short GLW three times with the last one on the 5th, covering the next day for a tiny loss.
Then, it was stand-aside.
GLW has broken through (so far) a generational resistance level and has done it without a test? Anything can happen, but ‘normal’ market behavior is to retrace to that well defined, decades-long area.
Reading the post in your link reminded me of the price action in Apache Oil (APA) back in the day. It was a spring set-up that David Weis described at length in his training video.
He went through all the criteria for the set-up and detailed where he would make his entry. The one thing not discussed, was the exit.
When I studied the chart, I saw that at the top of the move, lasting four weeks or more, there was a huge surge in volume for the day, with some marginal gain higher. Price action then stalled and began its decent to nearly where it started.
It’s possible some kind of similar thing could happen with GLW.
Thanks again,
Paul
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