New Weekly Low
The weekly chart of Paccar Inc. shows a new weekly low off an up-thrust condition.
In addition, as can be seen from the lower blue support line, we also have a repeating pattern, link here (not advice, not a recommendation).
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Another, ‘Repeating’ Pattern
Lattice broke out to all-time highs on its latest earnings; here, here and here.
If you believe the press, it’s ‘buy’, ‘buy’, ‘buy’ (not advice, not a recommendation).
If we look at the actual truth, the price action, we (potentially) see something else.
The chart below, shows we’re at The Danger Point®, where it won’t take much to go either way.
Lattice Semiconductor LSCC, Daily Close
At this point, LSCC is in ‘up-thrust’ position.
Being at that location, does not guarantee a reversal.
It says, we’re at the point of instability. Price action needs to decide who’s in control, bulls or bears.
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Repeating Pattern
The last update on 3M, was here.
From that point, price action declined as expected, then pushed below support, getting itself into ‘spring’ condition.
From there it rallied, posting highs above previous highs and created an ‘up-thrust’.
So, now we have ‘spring-to up-thrust’, link here.
3M, MMM, Daily
The prior short trade, MMM-26-01, was closed out on January 27th, with a slight positive, break-even.
The stop for the current short, MMM-26-02, is (or will be), the session high (not advice, not a recommendation).
Other Markets
Separately, short trade SAIA-26-01, was closed out with 2.17%, profit.
The expectation was for a lower open and immediate continuation lower (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Breakout or Blowout?
Earnings release, pre-market trading in Lattice, is at all-time highs.
As the chart shows, if this (potential) breakout fails, then we have a repeating pattern set-up.
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The Danger Point®, trade mark: No. 6,505,279
After Hours, Tomorrow
ORLY, reports tomorrow, after-hours.
Since we got a ‘spring’ by penetrating support, it’s possible, price action will resolve itself by posting an up-thrust (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Earnings, late February, early March
Earning release for CVNA, CRWD, and CDNS, are scheduled here, here and here.
All three charts are in the same, or similar position.
Q: Anyone know?
A: Recently penetrated support or are testing that penetration.
Technically speaking, they’re all in Wyckoff ‘spring’ position (not advice, not a recommendation).
Chart analysis to follow.
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The Danger Point®, trade mark: No. 6,505,279
Now, It’s Ready for New Highs?
Figuring out Carvana’s price action, can turn you into a nervous wreck. 🙂
The latest mortar lobbed at CVNA, was this report; yet again, the ‘fundamentals’ are interesting.
As the mid-session update said yesterday:
“It’s possible there might be higher action (staying below the session high) into, during, or just after the Fed announcement (not advice, not a recommendation).”
CVNA, continued on lower to penetrate support levels of January 2nd, this year.
After that, was a rebound into the close.
Wyckoff ‘Spring’ Position
With support penetration, rebound higher including today’s action, we’re in Wyckoff ‘spring’ position.
Now, comes the interesting part.
It’s possible, CVNA could move on to a repeating set-up, posting new all-time highs (not advice, not a recommendation).
Carvana CVNA, Daily
Note the massive down-thrust energy. This is possibly the largest ever, for CVNA (data going back to 2/12/20).
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The Danger Point®, trade mark: No. 6,505,279
Set for Up-Thrust
Texas Instruments TXN, released earnings after the bell yesterday.
Today, before the open, it’s trading at 209 – 210, just above the resistance levels of last August.
That pre-market level is also (potentially) closing the gap of July 23rd.
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The Danger Point®, trade mark: No. 6,505,279
Well, Not Really
It’s no secret the ‘consumer’ is up against a wall.
FRED links for various forms of debt are here, here and here.
Then, we have this just out from ZeroHedge; wide disparity between bonds and the market.
Original website, link here.
Paraphrasing from that link:
‘Expect to see an equity crash that will rival or surpass any seen before.’
We’ve all been hearing that for a long time. Are we close?
Well, some sectors are already rolling over.
The focus (on this site) for a while, has been ‘consumer discretionary’ and related.
Yesterday, was DoorDash. Today, is Las Vegas.
Las Vegas Sands LVS, Monthly
During the last melt-down, LVS cratered over -99%.
The monthly chart shows the potential.
At present, we have a repeating pattern: Spring to Up-Thrust (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Repeating Pattern
The last update on biotech, XBI was here.
Price action went on to post a new high and, in the process, may have completed a repeating pattern set-up:
Spring-to-Up-Thrust, link here.
The indication is subtle.
There’s no doubt we’re at the very edge of the lake as Wyckoff (and Weis) used to call it.
However, this is also the point where the risk (for a short) is least (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
The Danger Point® 