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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The Danger Point®, trade mark: No. 6,505,279
Test, Complete?
The last update on Delta, link here, said there’s a possibility for an upside test.
Looks like it’s here.
Today, price action net upward progress, appears to have slowed (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Struggling, Above Resistance
Once TXN pushed past resistance, upward net distance has slowed.
Daily close chart, at left.
Now, we’re near all time highs.
For the session, price action printed higher but could not close higher (not advice, not a recommendation).
Prior updates on TXN, are here and here.
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The Danger Point®, trade mark: No. 6,505,279
Fibonacci, and MACD
Entegris reported earnings last week, on the tenth.
Market response was to launch into and up-thrust condition along with hitting the top of a terminating wedge, as well as printing a Fibonacci 161.8%, projection.
Technical details (up-thrust, removed for clarity) are shown on the daily chart below.
Entegris Inc., ENTG Daily
We’re looking for a new daily low at the next session (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
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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The Danger Point®, trade mark: No. 6,505,279
‘Test’, Next Week?
At this point, the Delta Airlines breakout has failed.
Friday, the current decline slowed, which implies that next week, may be an upward ‘test’ of resistance (not advice, not a recommendation).
The failed breakout was observed in real time and traded to the short side as DAL-26-01.
Covering of the short was on Friday, with a 6.29%, profit.
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The Danger Point®, trade mark: No. 6,505,279
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
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
Watch The Fed Announcement
The last update on Carvana did not see how it was going higher but gave a potential price target, anyway.
At the same time, that update said:
“Note: Today’s break higher, then a pullback, puts CVNA in up-thrust position (not advice, not a recommendation).“
As of this post, CVNA has accelerated lower, penetrating support levels; that puts it in (minor) ‘spring’ position.
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).
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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
The Danger Point® 